Common use of Additional Voluntary Contributions Clause in Contracts

Additional Voluntary Contributions. 6.1 For the purpose of the foregoing provisions of this Schedule there shall be disregarded— (a) any benefits under the Pension Scheme which are attributable to additional voluntary contributions made to it by the members of the Pension Scheme and in respect of which the members are not entitled to benefits based on their final pensionable earnings (however defined); (b) any such additional voluntary contributions; and (c) any transfer in respect of any such benefits or additional voluntary contributions. The Vendor shall, nevertheless, use all reasonable endeavours to procure that the Pension Scheme transfers to the Purchaser's Scheme in respect of each of the Transferring Employees all such funds and assets of the Pension Scheme which represent any such contributions made by the Transferring Employees and the investment return on them. The Purchaser and the Vendor undertake to co-operate to procure that all such notices and announcements to Pensionable Employees in relation to the arrangements under this Schedule during the Interim Period and after the Membership Transfer Date or as may be required by law or which are necessary to satisfy any requirements of the Inland Revenue, the Inland Revenue National Insurance Contributions Office, the Isle of Man Assessor of Income Tax and the Isle of Man DHSS are given and that no notices or announcements in writing or otherwise to the Employees of any class thereof informing them of any arrangements under this Schedule or the implementation thereof and which make reference to the Pension Scheme, or to any benefits thereunder or transfers therefrom are given unless they are approved by the Vendor (such approval not to be unreasonably withheld or delayed) and that any necessary submissions to the Inland Revenue and to the Isle of Man Assessor of Income Tax and the Isle of Man DHSS and all documents that are necessary in this connection are executed.

Additional Voluntary Contributions. 6.1 For F.1.1 A Member in Pensionable Service may, subject to the purpose restrictions in clause F.1.2, make Additional Voluntary Contributions to the Plan and may increase, decrease or discontinue such contributions at such time and on such terms as may be agreed with the Trustee in order to provide additional benefits payable in the form of pensions or lump sum benefits as agreed between the foregoing provisions Member and the Trustee or (in the absence of this Schedule there shall be disregarded—such agreement) as determined by the Trustee at its discretion. F.1.2 The restrictions referred to in clause F.1.1 are that: (a) the Additional Voluntary Contributions (together with all the Member’s other contributions to the Plan and all the Member’s contributions under all other Retirement Benefits Schemes which relate to Service with any benefits under the Pension Scheme which are attributable to additional voluntary contributions made to it by the members of the Pension Scheme and Employers) shall not in respect any tax year exceed 15 per cent of which the members are not entitled to benefits based on their final pensionable earnings (however defined)Member’s remuneration from the Employers in that year; (b) any the Additional Voluntary Contributions shall not be such that the additional voluntary contributionsbenefits secured would prejudice Approval; and (c) except in relation to a Member whose Additional Voluntary Contributions commenced on or before 7 April 1987, no part of any retirement pension provided by Additional Voluntary Contributions may be commuted for a lump sum. Additional Voluntary Contributions shall be reduced or discontinued whenever necessary to avoid contravention of (a) or (b) above. They shall also be discontinued when the Member ceases to be in Pensionable Service unless the Trustee (consistent with continued Approval) agrees otherwise. F.1.3 The part of the Fund which is represented by or derived from: (a) Additional Voluntary Contributions paid direct to the Plan, and (b) that part of any transfer payment including a transfer payment from any of the Old Plans received by the Trustee in respect of any person which was kept separate from the other assets of the arrangement from which it was transferred and which is attributable to voluntary contributions made or deemed to be made by such benefits or additional voluntary contributions. The Vendor shall, nevertheless, use all reasonable endeavours to procure that the Pension Scheme transfers person to the Purchaser's Retirement Benefits Scheme or arrangement from which the transfer payment is received (not in either case being contributions applied under the Plan to provide additional years of Pensionable Service) shall be known as “Segregated Assets” and shall be kept separate from the other assets constituting the Fund. F.1.4 The amounts of such additional benefits shall be determined by the Trustee (after consulting the Actuary or the Insurance Company or other organisation with which they may be secured) on a basis which is reasonable, having regard to the amount of the Additional Voluntary Contributions and: (a) if the Additional Voluntary Contributions form part of the Segregated Assets, the value of benefits shall be equivalent on a money purchase basis to the Additional Voluntary Contributions; (b) if the benefits are not provided on a money purchase basis, the value of benefits shall be reasonable having regard to the value of other benefits under the Plan. F.1.5 If, when a Member’s benefits under the Plan become payable, the Trustee determines that some part or the whole of the Segregated Assets cannot be paid to or applied in respect of each of the Transferring Employees all such funds and assets of Member in accordance with the Pension Scheme which represent any such contributions made by Rules without prejudicing Approval, then that part or the Transferring Employees and whole (as the investment return on them. The Purchaser and the Vendor undertake to co-operate to procure that all such notices and announcements to Pensionable Employees in relation case may be) shall be repaid to the arrangements Member. Any refund made to a Member in these circumstances shall be subject to deduction of income tax under this Schedule during the Interim Period and after the Membership Transfer Date or as may be required by law or which are necessary to satisfy any requirements of the Inland Revenue, the Inland Revenue National Insurance Contributions Office, the Isle of Man Assessor of Income Tax and the Isle of Man DHSS are given and that no notices or announcements in writing or otherwise to the Employees of any class thereof informing them of any arrangements under this Schedule or the implementation thereof and which make reference to the Pension Scheme, or to any benefits thereunder or transfers therefrom are given unless they are approved by the Vendor (such approval not to be unreasonably withheld or delayed) and that any necessary submissions to the Inland Revenue and to the Isle of Man Assessor of Income Tax and the Isle of Man DHSS and all documents that are necessary in this connection are executeds599A 1988 Act.