Pensions Increase Clause Samples
The Pensions Increase clause sets out the terms under which pension payments are adjusted over time, typically to account for inflation or changes in the cost of living. This clause may specify the frequency and method of increases, such as linking adjustments to a specific inflation index or a fixed percentage. Its core function is to ensure that the real value of pension benefits is maintained, protecting recipients from the eroding effects of inflation and providing financial security in retirement.
Pensions Increase. The Scheme Administrator will apply pensions increase annually to the relevant pensions in payment and deferred pensions retained in the Fund in accordance with the Pensions Increase (Review) Order issued by the Government each year.
Pensions Increase. The Administering Authority will instruct the Scheme Administrator to apply the Pensions Increase (Review) Order as issued annually by the Government.
Pensions Increase. The Administering Authority will instruct the Scheme Administrator to apply the Pensions Increase (Review) Order as issued annually by the Government. Data Protection The Administering Authority will ensure compliance with Government Data Protection Regulation (GDPR). PRIVATE CONTRACTORS In accordance with Regulation 3(5) and paragraphs 3 to 12 of Schedule 2 in Part 3 of the Scheme Regulations, the Administering Authority can enter into an admission agreement with an “external contractor” undertaking local government work formerly undertaken by a Scheme Employer. This ability to become an Admission Body within the LGPS enables Scheme members to retain their rights to contribute to the Scheme and avoids the need for the contractor to offer an alternative pension scheme to the transferring employees. Scheme Employer responsibilities: The Scheme employer will: Undertake to include the conditions surrounding any possible admission agreement to be made with a chosen service provider (and the Administering Authority) as part of any tendering exercise that it undertakes; Consult with staff representatives and issue information to staff; Notify the Administering Authority immediately of any decision that is made to transfer any part of their service to an “external contractor”; Supply the Administering Authority and/or Scheme Administrator with full and accurate details of all employees, both those contributing to the LGPS and those, for whatever reason, are not contributing to the Scheme but are eligible to do so, involved in any potential transfer from the Scheme Employer to the Admission Body as soon as this information is known. The Administering Authority will supply a data capture spreadsheet for completion by the Scheme Employer; Sign up to the admission agreement before the start date of the service contract; Decide whether or not the Admission Body will be required to provide a bond or indemnity as calculated by the Actuary or if they as the Transferor Scheme Employer will act as a guarantor; Decide whether or not the Admission Agreement will be an Open or Closed agreement; Notify the Administering Authority immediately if the contract with the Admission Body is terminated; Pay any outstanding liabilities where they arise and are the responsibility of the Scheme Employer, as calculated by the Fund Actuary, to the Administering Authority in the event of the early termination of a contract with an Admission Body. Administering Authority responsibilities The...