Common use of Actuarial Valuation Clause in Contracts

Actuarial Valuation. An actuarial valuation of the fund is undertaken every three years by the fund’s actuary. The actuary balances the fund’s assets and liabilities in respect of each employer and assesses the appropriate contribution rate and deficit payment, if appropriate, for each employer for the subsequent three years. The cost of running the Nottinghamshire Pension Fund is charged directly to the fund, the actuary takes these costs into account in assessing employers’ contribution rates. Provide and publish policies in relation to all areas where the employing authority may exercise discretion within the scheme. A copy of the policy to be provided to the administrating authority Within 30 working days of policy being formally agreed by the employer. To be reviewed annually Provide details of employer and employee contributions 17th of the month following deduction Respond to enquiries from administering authority Within 10 working days Provide year end information for the purposes of annual benefit statements, annual allowance, and lifetime allowance calculations By 30 April, or such later as confirmed by the Administering Authority. Provide year end information in a valuation year By 30 April, or such later as confirmed by the Administering Authority. Distribute information provided by the Admin Authority to scheme members/potential scheme members which is provided either direct from the Pensions Office or where notified through the website Within 20 days of receipt or notification Provide new scheme members with scheme information and new ▇▇▇▇▇▇ forms At appointment of employee or change in contractual conditions Inform the Pension Fund of all cases where prospective new employer or admitted body may join the fund Notify the Pension Fund at least three months before the date of transfer Payment of additional fund payments in relation to early payment of benefits Within 30 working days of receipt of invoice from the pension fund/within timescales specified in each case New starters must be notified to the Pensions Office. 10 working days of the scheme member joining. Arrange for the correct deduction of employee contributions from scheme members pensionable pay on becoming a scheme member Immediately upon commencing scheme membership either through auto enrolment opting in or change in circumstances. Reassessment of employee contribution rate in line with employer’s policy Immediately following change of circumstances. Ensure correct deduction of pension contributions during any period of child- related leave, trade union dispute or other forms of leave of absence from duty Immediately, following receipt of election from scheme member to make the necessary pension contributions. Commence/amend/cease deductions of additional pension contributions Commence/ amend in month following election to pay contributions or notification received from administering authority, cease immediately following receipt of election from scheme member. Employers are responsible for assessing and reassessing the contribution band that is allocated to an employee The employer must inform the employee of the band have been allocated on joining the scheme and when they have been reallocated to a different band Arrange for the deduction of AVCs and payment over of contributions to AVC provider(s) Commence deduction of AVCs upon receipt of notification of provider. Pay over contributions to the AVC provider(s) by the 17th of the month following deduction. Refund any employee contributions when employees opt out of the pension scheme before three months Month following month of opt out. Cease deduction of employee contributions where a scheme member opts to leave the scheme Month following month of election, or such later date specified by the scheme member. Send a completed end of year contribution return to enable the production of annual benefit statements, annual allowance, and lifetime allowance calculations By 30th April each year, or such later date as confirmed by the Administering Authority. Provide the administering authority with all material (personal and contract) changes in employee’s details Within 10 days of the change Provide scheme leavers details to administering authority Within 10 days of leaving Provide retirement notification and pay details. Following the issue of retirement pack to retiring member. No later than 10 days prior to the date of retirement. In order that all information is in place to allow the processing of retirement benefits. Provide member estimate details At the point of request from the member To have access to an independent medical practitioner qualified in occupational health medicine, in order to consider all ill health retirement applications as an employer Within one month of commencing participation in the scheme, and having arrangements in place on an ongoing basis Appoint a nominated person for stage 1 of the pension dispute process and provide full details to the administering authority Within 10 working days following the resignation of the current/new employer to the fund “appointed person” Both employer and administering authority performance will be measured and reported to the Nottinghamshire Pension Fund Committee and the Local Pensions Board at regular intervals. Where an employer materially fails to operate in accordance with standards described in this service level agreement, which leads to extra costs being incurred by the administering authority, the administering authority may issue a written notice to the employer requiring that this extra cost be met by the employer.

Actuarial Valuation. An actuarial valuation of the fund is undertaken every three years by the fund’s actuary. The actuary balances the fund’s assets and liabilities in respect of each employer and assesses the appropriate contribution rate and deficit payment, payment if appropriate, appropriate for each employer for the subsequent three years. The cost of running the Nottinghamshire Pension Fund is charged directly to the fund, the actuary takes these costs into account in assessing employers’ employer’s contribution rates. Provide and publish policies in relation to all areas where the employing authority may exercise discretion within the scheme. A copy of the policy to be provided to the administrating authority Within 30 working days of policy being formally agreed by the employer. To be reviewed annually Provide details of employer and employee contributions 17th of the month following deduction Respond to enquiries from administering authority Within 10 working days Provide year end information for the purposes of annual benefit statements, annual allowance, and lifetime allowance calculations By 30 April, or such later as confirmed April following the year end in the required format (following the implementation of the employer portal information may be provided through the portal by the Administering Authority. April 2017) Provide year end information in a valuation year By 30 April, or such later as confirmed by April following the Administering Authority. year end Distribute information provided by the Admin Authority to scheme members/potential scheme members which is provided either direct from the Pensions Office or where notified through the website Within 20 days of receipt or notification Provide new scheme members with scheme information and new ▇▇▇▇▇▇ forms At appointment of employee or change in contractual conditions Inform the Pension Fund of all cases where prospective new employer or admitted body may join the fund Notify the Pension Fund at least three months before the date of transfer Payment of additional fund payments in relation to early payment of benefits Within 30 working days of receipt of invoice from the pension fund/fund/ within timescales specified in each case New starters must be notified to the Pensions Office. 10 working days of the scheme member joining. Arrange for the correct deduction of employee contributions from scheme members pensionable pay on becoming a scheme member Immediately upon commencing scheme membership either through auto enrolment opting in or change in circumstances. Reassessment of employee contribution rate in line with employer’s policy Immediately following change of circumstances. Ensure correct deduction of pension contributions during any period of child- child related leave, trade union dispute or other forms of leave of absence from duty Immediately, following receipt of election from scheme member to make the necessary pension contributions. Commence/amend/cease deductions of additional pension contributions Commence/ amend in month following election to pay contributions or notification received from administering authority, cease immediately following receipt of election from scheme member. Employers are responsible for assessing and reassessing the contribution band that is allocated to an employee The employer must inform the employee of the band have been allocated on joining the scheme and when they have been reallocated to a different band Arrange for the deduction of AVCs and payment over of contributions to AVC provider(s) Commence deduction of AVCs upon receipt of notification of provider. Pay over contributions to the AVC provider(s) by the 17th of the month following deductionthe month of election. Refund any employee contributions when employees opt out of the pension scheme before three months Month following month of opt out. Cease deduction of employee contributions where a scheme member opts to leave the scheme Month following month of election, or such later date specified by the scheme member. Send a completed end of year contribution return to enable the production of annual benefit statements, annual allowance, and lifetime allowance calculations By 30th April each year, or such later date as confirmed by year (this process will change pending the Administering Authority. implementation of an electronic employers’ portal) Provide the administering authority with all material (personal and contract) changes in employee’s details Within 10 days of the change Provide scheme leavers details to administering authority Within 10 days of leaving Provide retirement notification and pay details. Following the issue of retirement pack to retiring member. No later than 10 days prior to the date of retirement. In order that all information is in place to allow the processing of retirement benefits. Provide member estimate details At the point of request from the member To have access to an independent medical practitioner qualified in occupational Occupational health medicine, in order to consider all ill health retirement applications as an employer Within one month of commencing participation in the scheme, and having arrangements in place on an ongoing basis Appoint a nominated person for stage 1 of the pension dispute process and provide full details to the administering authority Within 10 working days following the resignation of the current/current/ new employer to the fund “appointed person” Both employer and administering authority performance will be measured and reported to the Nottinghamshire Pension Fund Pensions Committee and the Local Pensions Board at regular intervals. Where an employer materially fails to operate in accordance with standards described in this service level agreement, which leads to extra costs being incurred by the administering authority, the administering authority may issue a written notice to the employer requiring that this extra cost be met by the employer.