underpin definition
underpin which means that they cannot be lower than what they would have received under the previous benefit structure. The underpin ensures that these members do not lose out from the introduction of the new scheme. In December 2018 the Court of Appeal upheld a ruling (“McCloud/Sargeant”) that similar transitional protections in the Judges’ and Firefighters’ Pension Schemes were unlawful on the grounds of age discrimination. The implications of the ruling are expected to apply to the LGPS (and other public service schemes) as well.
underpin means the Final Salary underpin described in Rule 37.
underpin means where the price-to-book ratio of the Company on the Trigger Event Date is less than 1.15, the amount of the Award Value will be calculated by applying a price-to-book ratio of 1.15 to the Book Value on the Trigger Event Date in order to provide for a minimum payment in respect of an Award;
More Definitions of underpin
underpin which means that they cannot be lower than what they would have received under the previous benefit structure. The underpin ensures that these members do not lose out from the introduction of the new scheme by effectively giving them the better of the benefits from the old and new schemes.