Broadly Comparable Scheme Sample Clauses
The Broadly Comparable Scheme clause defines the requirement for an alternative arrangement or plan to be substantially similar in scope, benefits, and obligations to an existing scheme. In practice, this clause is often used in contracts involving employee benefits, insurance, or service agreements, where a party may need to substitute a current scheme with another that is not identical but offers comparable value and coverage. Its core function is to provide flexibility for changes while protecting the interests of affected parties by ensuring that any replacement scheme does not result in a significant reduction in benefits or rights.
Broadly Comparable Scheme. Where the Supplier does not offer the Eligible Employees membership to or continued membership of the LGPS, the Supplier shall with effect from the Transfer Date; • Offer the Eligible Employees membership of an occupational pension scheme that is certified by the Government Actuary’s Department as providing benefits which are broadly comparable to those provided by the LGPS or such other broadly comparable scheme in which the Eligible Employees may have participated prior to the Relevant Transfer; • Provide benefit credits for Eligible Employees who transfer their accrued benefits to the Supplier’s broadly comparable scheme which in the view of the actuary will be equivalent in value to the rights that such employees had prior to the transfer. • Procure that any subsequent bulk transfer from the Supplier’s broadly comparable scheme will be calculated on the basis that is equal or no less favourable (as determined by the actuary to the LGPS) to the calculation of the transfer value to the broadly comparable scheme. If the transfer amount payable under the broadly comparable scheme is less (in the opinion of the actuary to the LGPS) than the transfer amount calculated on this basis, the Supplier will procure payment to the broadly comparable scheme of the larger amount in a manner determined by the Council in consultation with the Supplier. • The Supplier shall award benefits (where permitted) to the Eligible Employees in circumstances where the Eligible Employees would have received such benefits prior to the transfer. • The Supplier will comply with the guidance set out in the HM Treasury guidance note dated June 2004 in respect of the provision of the broadly comparable scheme. • The Supplier shall produce evidence of compliance with this paragraph 2.3 to the Council and shall be responsible for the costs of obtaining the necessary certificate of comparability.
Broadly Comparable Scheme. If the Supplier and/or any of its Sub-contractors is unable to obtain an LGPS Admission Agreement in accordance with paragraph .1 because the Administering Authority will not allow it to participate in the Fund, the Supplier shall (and procure that its Sub-contractors shall), with effect from the Relevant Transfer Date, offer the LGPS Fair Deal Employees membership of a pension scheme which is Broadly Comparable to LGPS on the Relevant Transfer Date in accordance with the provisions of paragraph 10 of Part D. If the Supplier and/or any of its Sub-contractors becomes an LGPS Admission Body in accordance with paragraph .1 but the LGPS Admission Agreement is terminated during the term of this Agreement for any reason at a time when the Supplier or Sub-contractors still employs any LGPS Eligible Employees, the Supplier shall (and procure that its Sub-contractors shall) at no extra cost to the Authority, offer the remaining LGPS Eligible Employees membership of a pension scheme which is Broadly Comparable to the LGPS on the date the LGPS Eligible Employees ceased to participate in the LGPS in accordance with the provisions of paragraph 11 of Part D.
Broadly Comparable Scheme. If the Supplier and/or any of its Sub-contractors is unable to obtain an LGPS Admission Agreement in accordance with paragraph 52.1 because the Administering Authority will not allow it to participate in the Fund, the Supplier shall (and procure that its Sub-contractors shall), with effect from the Relevant Transfer Date, offer the LGPS Fair Deal Employees membership of a pension scheme which is Broadly Comparable to LGPS on the Relevant Transfer Date in accordance with the provisions of paragraph 10 of Part D. If the Supplier and/or any of its Sub-contractors becomes an LGPS Admission Body in accordance with paragraph 52.1 but the LGPS Admission Agreement is terminated during the term of this Agreement for any reason at a time when the Supplier or Sub-contractors still employs any LGPS Eligible Employees, the Supplier shall (and procure that its Sub-contractors shall) at no extra cost to the Authority, offer the remaining LGPS Eligible Employees membership of a pension scheme which is Broadly Comparable to the LGPS on the date the LGPS Eligible Employees ceased to participate in the LGPS in accordance with the provisions of paragraph 11 of Part D. DISCRETIONARY BENEFITS Where the Supplier and/or any of its Sub-contractors is an LGPS Admission Body, the Supplier shall (and procure that its Sub-contractors shall) comply with its obligations under regulation 60 of the 2013 Regulations in relation to the preparation of a discretionary policy statement. LGPS RISK SHARING Subject to paragraphs 55.4 to 55.10, if at any time during the term of this Agreement the Administering Authority, pursuant to the LGPS Admission Agreement or the LGPS Regulations, requires the Supplier or any Sub-contractor to pay employer contributions or other payments to the Fund in aggregate in excess of the Initial Contribution Rate, the excess of employer contributions above the Initial Contribution Rate for a Contract Year (the “Excess Amount”) shall be paid by the Supplier or the Sub-contractor, as the case may be, and the Supplier shall be reimbursed by the Authority. Subject to paragraphs 55.4 to 55.9 and 55.11, if at any time during the term of this Agreement, the Administering Authority, pursuant to the LGPS Admission Agreement or the LGPS Regulations, requires the Supplier or any Sub-contractor to pay employer contributions or payments to the Fund in aggregate below the Initial Contribution Rate for a Contract Year, the Supplier shall reimburse the Authority an amount equal to A–...
Broadly Comparable Scheme. If the Supplier and/or any of its Subcontractors is unable to obtain an LGPS Admission Agreement in accordance with paragraph 2.1 because the Administering Buyer will not allow it to participate in the Fund, the Supplier shall (and procure that its Subcontractors shall), with effect from the Relevant Transfer Date, offer the LGPS Fair Deal Employees membership of a pension scheme which is Broadly Comparable to LGPS on the Relevant Transfer Date in accordance with the provisions of paragraph 10 of Part D.