7.1 The Employer undertakes to each relevant NHS Participant (for the benefit of that NHS Participant itself and for that NHS Participant as agent and trustee for the benefit of the relevant NHS Participant Employees) that on the employment of any relevant NHS Participant Employee transferring to a new employer in accordance with paragraph 2.7 of Section 1 (General) of Schedule Part 15 (Transfer of Employment and Pensions) or otherwise on expiry or termination of this Agreement, hubco shall procure that the Employer shall procure that its Broadly Comparable Scheme offers bulk transfer terms in respect of any NHS Participant Employees' pensionable service in (or credited in) the Broadly Comparable Scheme to the pension scheme to be provided by the NHS Participant Employees' new employer which are no less favourable (in the opinion of GAD) than the bulk transfer terms set out in the Actuary's Letter so that the transfer payment payable to the new employer's pension scheme shall not be less than the transfer payment that would have resulted had the transfer payment been calculated in accordance with the actuarial assumptions set out in the Actuary's Letter, subject to a reasonable adjustment in respect of market fluctuations since the date of the Actuary's Letter.
7.2 Except on expiry or termination of this Agreement, hubco shall procure that the Employer shall procure that onward bulk transfer provisions in terms comparable to paragraph 7.1 are imposed on the new employer.
7.3 If the transfer payment actually paid by the Broadly Comparable Scheme is less than the bulk transfer payment which would have been paid had Paragraph 7.1 been complied with then hubco shall procure that the Employer shall pay to the new employer the amount of the difference.
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34 The exit provisions aim to reflect as far as possible the exit requirements of HM Treasury Guidance 'A Fair Deal for Staff Pensions: Procurement of Bulk Transfer Agreements and Related Issues'.