55.4  Indemnity or Bond

Without prejudice to the generality of the requirements of this clause 55, the Service Provider shall procure that it and each relevant sub-contractor shall, as soon as reasonably practicable obtain any indemnity or bond required in accordance with the Service Provider Admission Agreements.65

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65  Under Regulation 6(7) of the LGPS Administration Regulations 2008, the Authority (in the majority of cases) must carry out an assessment, taking account of actuarial advice, of the level of risk arising on premature termination of the provision of the service or assets by reason of the insolvency, winding up or liquidation of the transferee admission body and that where the level of risk identified by the assessment is such as to require it, the transferee admission body must provide an indemnity or bond to meet the level of risk identified.