3.1 In respect of its own LGPS Participant Employees, each Local Authority Participant shall use reasonable endeavours to ensure that the relevant Administering Authority transfers from the Fund to the Broadly Comparable Scheme on the Due Date an amount in respect of the relevant Transferring Members' service in the Fund before the Transfer Date calculated in accordance with the Actuary's Letter and Part 9 of the LGPS (Administration) Regulations.
3.2 As soon as reasonably practicable following the Transfer Date, hubco shall procure that the Employer shall promptly provide all data within its possession or under its control which the relevant Administering Authority and the Administering Authority's Actuary may require for the calculation of the Transfer Amount and shall warrant that this data is in all material respects true, complete and accurate.
3.3 As soon as reasonably practicable following the Transfer Date, the relevant Local Authority Participant shall promptly provide all data within its possession or under its control which the relevant Administering Authority and the Administering Authority's Actuary may require for the calculation of the Transfer Amount In respect of its own Transferring Members, and shall warrant that this data is in all material respects true, complete and accurate.
3.4 The relevant Local Authority Participant shall use its reasonable endeavours to procure that:
3.4.1 as soon as reasonably practicable after the Administering Authority's Actuary has been provided with the necessary data and information, the Administering Authority's Actuary shall calculate the Transfer Amount In respect of its own Transferring Members, in accordance with the Actuary's Letter and the LGPS (Administration) Regulations; and
3.4.2 within [one week] of completing this calculation, the Administering Authority's Actuary shall notify the Employer's Actuary in writing of the particulars of the calculation and the data on which the calculation is based.
The Employer's Actuary will then have [one month] (or such longer period as the parties may agree) from the date on which those particulars and data have been supplied to him in which to object in writing that the calculation is incorrect or not in accordance with the Actuary's Letter. The calculation shall be final and binding on the parties if the Employer's Actuary raises no objection within this stated period.
3.5 If the Employer's Actuary objects in writing under paragraph 3.4 and the Administering Authority's Actuary and the Employer's Actuary cannot subsequently agree the relevant Transfer Amount within [one] month (or such longer period as shall be agreed between the parties) of the objection, then the amount shall be determined by an independent actuary to be nominated by the relevant Administering Authority and the Employer jointly or, if they cannot agree, by the President of the Faculty of Actuaries on application by either party. The independent actuary shall act as an expert and not as an arbitrator, and his decision shall be final and binding on the parties. The independent actuary's costs shall be payable equally by the relevant Administering Authority and the Employer.
3.6 Payment to the Broadly Comparable Scheme of the Transfer Amount shall only be made on the following conditions:
3.6.1 the Transfer Amount has been agreed or determined under paragraph 3.4 or 3.5 and in accordance with the LGPS (Administration) Regulations;
3.6.2 the Employer has complied with all its obligations under this Schedule Part 17 (LGPS Bulk Transfer Terms); and
3.6.3 the trustees of the Broadly Comparable Scheme have confirmed in writing that:
(a) a payment should be made in accordance with the LGPS (Administration) Regulations and that they shall accept payment on the terms set out in paragraph 4;
(b) they shall accept liability for each Transferring Member's accrued contracted out rights under the Fund; and
(c) they shall accept the Transfer Amount in full and final settlement of all claims against the Fund in respect of each Transferring Member.
3.7 [The payment of the relevant Transfer Amount shall be satisfied by the transfer of readily marketable stocks and shares of the relevant Fund as agreed by the relevant Administering Authority and the trustees of the Broadly Comparable Scheme having a mid-market value on the day before the Due Date equal to the relevant Transfer Amount. If the relevant Administering Authority and the trustees of the Broadly Comparable Scheme are not able to agree some or all of the particular assets to be transferred, or the mid-market value of any such assets, the payment of the Transfer Amount (or the appropriate part of it) shall be satisfied by the relevant Fund transferring cash equal to [ ]% of that part of the relevant Transfer Amount in respect of which there has been no agreement as to the assets to be transferred.]38
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38 The form of payment and discount for cash needs to be discussed with the Administering Authority. If this is to be covered in the Actuary's Letter, this clause can be deleted.