Common use of Redundancies Clause in Contracts

Redundancies. If on or before 31 December 2002 a Consenting Member is made redundant by the Buyer’s Group or in the case of a Consenting Member who was a member of the “Senior Sections” in the TRW Scheme, such a Consenting Member retires at the employer’s request and in either case is then aged 50 or over, TRW and the Buyer will co-operate in good faith (Revenue requirements permitting) to arrange for him to be offered the option of transferring the value of the rights he has then accrued or been credited under the Buyer’s Scheme to the TRW Scheme, so that the TRW Scheme will provide for him the benefits which he would have received on redundancy or, in the case of a Consenting Member of the “Senior Sections”, on retirement at the employer’s request, had he remained in active membership of the TRW Scheme after Closing until the date when he was made redundant or, in the case of a Consenting Member of the “Senior Sections”, the date when such a Consenting Member retired at the employer’s request. Any such transfer value will be calculated by the TRW Actuary (and agreed by the Buyer’s Actuary) in accordance with paragraph 4 of this Schedule. If Payment Date takes place after 31 December 2002, the transfer value shall be an amount equal to the sum of (a) and (b) (as defined below). There will be no physical transfer payment from the Buyer’s Scheme back to the TRW Scheme but the transfer value will be made by netting off such amount against the Transfer Amount which would otherwise be paid by the TRW Scheme to the Buyer’s Scheme under this Schedule (or against such lesser amount as is transferred from the TRW Scheme to the Buyer’s Scheme in discharge of the TRW Scheme’s liability to provide benefits for the UK Transferred Employees). Where (a) is the part of the Transfer Amount in respect of the member concerned that would have been transferred to the Buyer’s Scheme under this Schedule but for the provisions contained in this paragraph (with the proviso that, if the sum otherwise transferred on Payment Date from the TRW Scheme to the Buyer’s Scheme is lower than the Transfer Amount, a reduction on that same basis is made to this item (a)); and Where (b) is the value of the Consenting Member’s benefits that have accrued on or after Closing under the Buyer’s Scheme calculated on the date of termination of service on the TRW PBO basis in accordance with the Actuary’s Letter and paragraph 4 (with references to Closing being to the date of termination of service) and then increased or decreased over the period starting on the day of termination of service and ending on the end of the day which is 3 days before the Payment Date by the Timing Adjustment and then increased by interest at the Agreed Rate from (and including) the day which is 2 days before the Payment Date to the end of the day before the Payment Date. For the avoidance of doubt when calculating the value of the member’s benefits on the TRW PBO basis, Factors A, B & C (as defined in the Actuary’s Letter) will not apply. If Payment Date is on or before 31 December 2002, the transfer value shall be an amount in cash equal to the sum of (c) and (d) (as defined below). Where (c) is the part of the unadjusted Transfer Amount (as defined in the Actuary’s Letter) in respect of the member concerned as at Closing (with the proviso that, if the sum transferred on Payment Date from the TRW Scheme to the Buyer’s Scheme is lower than the Transfer Amount, a reduction on that same basis is made to this item (c)), and then increased or decreased over the period starting on Closing and ending on the end of the day which is 3 days before the day of payment of this transfer value by the Timing Adjustment and then increased by interest at the Agreed Rate from (and including) the day which is 2 days before the day of payment of this transfer value to the end of the day before the day of payment of this transfer value; and Where (d) is the value of the Consenting Member’s benefits that have accrued on or after Closing under the Buyer’s Scheme calculated on the date of termination of service on the TRW PBO basis in accordance with the Actuary’s Letter and paragraph 4 (with references to Closing being to the date of termination of service), and then increased or decreased over the period starting on the day of termination of service and ending on the end of the day which is 3 days before the day of payment of this transfer value by the Timing Adjustment and then increased by interest at the Agreed Rate from (and including) the day which is 2 days before the day of payment of this transfer value to the end of the day before the day of payment of this transfer value. For the avoidance of doubt when calculating the value of the member’s benefits on the TRW PBO basis, Factors A, B & C (as defined in the Actuary’s Letter) will not apply. If a member is reinstated in the TRW Scheme pursuant to this paragraph 10 he will then cease to be treated as a Consenting Member for all other purposes of this Schedule.

Redundancies. If on or before 31 December 2002 a Consenting Member is made redundant by the Buyer’s 's Group or in the case of a Consenting Member who was a member of the “"Senior Sections” " in the TRW Scheme, such a Consenting Member retires at the employer’s 's request and in either case is then aged 50 or over, TRW and the Buyer will co-operate in good faith (Revenue requirements permitting) to arrange for him to be offered the option of transferring the value of the rights he has then accrued or been credited under the Buyer’s 's Scheme to the TRW Scheme, so that the TRW Scheme will provide for him the benefits which he would have received on redundancy or, in the case of a Consenting Member of the “"Senior Sections”", on retirement at the employer’s 's request, had he remained in active membership of the TRW Scheme after Closing until the date when he was made redundant or, in the case of a Consenting Member of the “"Senior Sections”", the date when such a Consenting Member retired at the employer’s 's request. Any such transfer value will be calculated by the TRW Actuary (and agreed by the Buyer’s 's Actuary) in accordance with paragraph 4 of this Schedule. If Payment Date takes place after 31 December 2002, the transfer value shall be an amount equal to the sum of (a) and (b) (as defined below). There will be no physical transfer payment from the Buyer’s 's Scheme back to the TRW Scheme but the transfer value will be made by netting off such amount against the Transfer Amount which would otherwise be paid by the TRW Scheme to the Buyer’s 's Scheme under this Schedule (or against such lesser amount as is transferred from the TRW Scheme to the Buyer’s 's Scheme in discharge of the TRW Scheme’s 's liability to provide benefits for the UK Transferred Employees). Where (a) is the part of the Transfer Amount in respect of the member concerned that would have been transferred to the Buyer’s Scheme under this Schedule but for the provisions contained in this paragraph (with the proviso that, if the sum otherwise transferred on Payment Date from the TRW Scheme to the Buyer’s Scheme is lower than the Transfer Amount, a reduction on that same basis is made to this item (a)); and Where (b) is the value of the Consenting Member’s benefits that have accrued on or after Closing under the Buyer’s Scheme calculated on the date of termination of service on the TRW PBO basis in accordance with the Actuary’s Letter and paragraph 4 (with references to Closing being to the date of termination of service) and then increased or decreased over the period starting on the day of termination of service and ending on the end of the day which is 3 days before the Payment Date by the Timing Adjustment and then increased by interest at the Agreed Rate from (and including) the day which is 2 days before the Payment Date to the end of the day before the Payment Date. For the avoidance of doubt when calculating the value of the member’s benefits on the TRW PBO basis, Factors A, B & C (as defined in the Actuary’s Letter) will not apply. If Payment Date is on or before 31 December 2002, the transfer value shall be an amount in cash equal to the sum of (c) and (d) (as defined below). Where (c) is the part of the unadjusted Transfer Amount (as defined in the Actuary’s Letter) in respect of the member concerned as at Closing (with the proviso that, if the sum transferred on Payment Date from the TRW Scheme to the Buyer’s Scheme is lower than the Transfer Amount, a reduction on that same basis is made to this item (c)), and then increased or decreased over the period starting on Closing and ending on the end of the day which is 3 days before the day of payment of this transfer value by the Timing Adjustment and then increased by interest at the Agreed Rate from (and including) the day which is 2 days before the day of payment of this transfer value to the end of the day before the day of payment of this transfer value; and Where (d) is the value of the Consenting Member’s benefits that have accrued on or after Closing under the Buyer’s Scheme calculated on the date of termination of service on the TRW PBO basis in accordance with the Actuary’s Letter and paragraph 4 (with references to Closing being to the date of termination of service), and then increased or decreased over the period starting on the day of termination of service and ending on the end of the day which is 3 days before the day of payment of this transfer value by the Timing Adjustment and then increased by interest at the Agreed Rate from (and including) the day which is 2 days before the day of payment of this transfer value to the end of the day before the day of payment of this transfer value. For the avoidance of doubt when calculating the value of the member’s benefits on the TRW PBO basis, Factors A, B & C (as defined in the Actuary’s Letter) will not apply. If a member is reinstated in the TRW Scheme pursuant to this paragraph 10 he will then cease to be treated as a Consenting Member for all other purposes of this Schedule.