Common use of Actuarial Method Clause in Contracts

Actuarial Method. The past service liabilities will be calculated for the Transferring Members in accordance with the actuarial assumptions set out in section 2 below using pensionable service to and Salary or Pensionable Salary (as the case requires) over the year to the Completion Date, and adjusted to the Actual Payment Date in accordance with the provisions in sections 3 and 4 below. The past service liabilities will be based on the benefit structure applying for and in respect of such Transferring Member immediately prior to the Completion Date. For this purpose pensionable services includes any additional service resulting from a previous transfer in or the accrued part of any added years secured by additional member contributions. In the event that a Transferring Member's Salary or Pensionable Salary represents less than a full year, it should be grossed up to the annual equivalent. For the avoidance of doubt the past service liabilities shall include the accrued element of the Transferring Member's ill health pension and death in service pensions. It shall take no account of benefits for service after the Completion Date.

Actuarial Method. The past service liabilities will be calculated for the Transferring Members in accordance with the actuarial assumptions set out in section 2 below using pensionable service to and Salary or Pensionable Salary (as the case requires) over the year to the Completion Date, and adjusted to the Actual Payment Date in accordance with the provisions in sections 3 and 4 below. The past service liabilities will be based on the benefit structure applying for and in respect of such each Transferring Member immediately prior to the Completion Date. For this purpose pensionable services service includes any additional service resulting from a previous transfer in or the accrued part of any added years secured by additional member contributions. In the event that a Transferring Member's Salary or Pensionable Salary represents less than a full year, it should be grossed up to the annual equivalent. For the avoidance of doubt the past service liabilities shall include the accrued element of the Transferring Member's ill health pension and death in service pensions. It shall take no account of benefits for service after the Completion Date.