1. Interpretation and Definitions
In this Schedule, unless the context otherwise requires, the following terms shall have the meanings given to them below:
means the letter from the Administering Authority's Actuary, a copy of which has been attached to this Schedule2; | |
means [name of actuary] of [name of firm], or another actuary appointed by the Administering Authority for the purposes of this Schedule; | |
"AVCs" | means AVCs or SCAVCs as defined in the LGPS Regulations; |
means [name of actuary] of [name of firm], or another actuary appointed by the Service Provider and/or relevant Sub-Contractor for the purposes of this Schedule; | |
means the pension scheme or schemes nominated by the Service Provider and/or relevant Sub-Contractor in accordance with clause 26.7.1 of this Agreement; | |
"Due Date" | means the date [ ] days after the last of the conditions in paragraph 3.6 of this Schedule has been satisfied; |
"Fund" | |
means the amount or amounts referred to in paragraph 3.1 of this Schedule; | |
means an Eligible Employee who agrees to a transfer of benefits being made for him or her from the Fund to the Service Provider's Scheme under paragraph 2 of this Schedule; |
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2 The Actuary's Letter should set out fully and clearly the bulk transfer assumptions and adjustments and be made available to all qualified bidders at the earliest possible stage in the process. The Actuary's Letter should represent a reasonable final position rather than an opening position for further negotiation. Compliant bids should be on the basis that the Service Provider's Scheme will accept the bulk transfer terms set out in the Actuary's Letter and any costs or benefits conferred by the acceptance of those terms should be dealt with by way of a price adjustment set out in the bid documentation and supported by a reasoned statement of need. Where there is uncertainty regarding the size of the bulk transfer, for example where large numbers of staff are potentially involved, the HM Treasury Guidance "A Fair Deal for Staff Pensions: Procurement of Bulk Transfer Agreements and Related Issues" suggests that bids could be made which are contingent on the size of the bulk transfer value which is eventually calculated. In such cases, it may be necessary to agree a mechanism in the Agreement by which the contract price can be adjusted to reflect the value of the transfer amount which results from the level of take up by staff.