Exempt Approved definition
Exempt Approved means an exempt approved scheme within the meaning of section 592 of the Income and Corporation Taxes Act 1988. "Investment Adjustment" means the ▇▇▇▇▇▇ ▇nvestment return over the relevant period achieved in relation to assets of the Seller's Scheme comprised in a globally balanced portfolio of the same type as is now managed for the Seller's Scheme by Flemings (where the Investment Adjustment relates to the Main Scheme) or Gartmore (where it relates to the Supplementary Scheme); the portfolio to be established by the Seller's Scheme on the Membership Transfer Date with assets of a mid-market value equal to the Seller's Actuary's best estimate of the unadjusted Transfer Amount; such estimate, as certified by the Seller's Actuary, to be notified by the Seller to the Purchaser before the Membership Transfer Date. In the case of the Supplementary Scheme, if the Seller's Actuary and the Purchaser's Actuary agree that it is not practicable because of the amount involved to establish a portfolio as described above, the Investment Adjustment shall be by reference to the actual investment return of the Supplementary Scheme as measured by Combined Actuarial Performance Services Limited or, if that measurement is not available for any period, by reference to an index of equities and gilts comprised as mentioned in the Actuary's Letter. "Member" means, at any time or during any period specified in this schedule, a member of the Seller's Scheme who is accruing retirement benefits under the Seller's Scheme, including any person who is continuing in membership under the provisions of the Seller's Scheme relating to temporary absence from work or maternity leave. "Membership Transfer Date" means 1st January 1997 or an earlier date which the Purchaser may nominate by not less than 1 month's advance written notice to the Seller or, if the Purchaser notifies the Seller before 1st December 1996 that the Purchaser's Scheme will be contracted-out, 1st April 1997 or an earlier date which the Purchaser may nominate by not less than 1 month's advance written notice to the Seller. "Option Form" means a form to be completed by Members and delivered to the Seller's Scheme not later than 6 weeks after the date of issue, being in all material respects 105
Examples of Exempt Approved in a sentence
The Vendor will use its best endeavours to procure that the Company may continue to participate in the Vendor's Pension Scheme during the Interim Period in respect of those Employees who are Members at Completion, subject to the treatment of the Vendor's Pension Scheme as an Exempt Approved Scheme not being prejudiced (which the Vendor will use its best endeavours to procure) and to the Purchaser and the Company complying with the terms of this Schedule and the Rules.
That scheme or schemes will be, or will 108 be designed so as to be capable of being, Exempt Approved and, at the Purchaser's option, may be either contracted-out or contracted-in.