2.  PENSIONS31

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31  The level of funding of the relevant pension schemes prior to the Transfer Date will need to be established by bidders. The information made available to Contractors, and any assumptions made as to the level of funding of existing schemes, will need to be agreed.

The pensions drafting does not cover the management of risks associated with pensions liabilities as detailed in paragraph 3.8 of the guidance. The Authorities and Contractors should ensure that specific provisions are included to deal with these risks if that is what is commercially agreed.