Unadjusted Transfer Amount definition
Unadjusted Transfer Amount such amount as shall be calculated by Racal's Actuary and verified by Global's Actuary in accordance with paragraph 5 of this Schedule (or in the absence of verification by him determined in accordance with paragraph 8 of this Schedule) as is equal to the value (calculated and adjusted in accordance with the Actuarial Assumptions) as at the Completion Date of the accrued benefits (other than those referred to in paragraph 7 of this Schedule) prospectively and contingently payable to and in respect of the Transferring Members under Racal's Schemes by reference to pensionable service up to the Completion Date and pensionable earnings at that time (making allowance in accordance with the Actuarial Assumptions for projected increases in final pensionable earnings of the Transferring Members from the Completion Date to the assumed date of retirement or earlier death or withdrawal from service). For the purpose of this definition and wherever referred to in this Part B of this Schedule "pensionable earnings", "final pensionable earnings" and "pensionable service" and cognate expressions shall have the meanings respectively adopted by that one of Racal's Schemes as is relevant to the Relevant Employee or Transferring Member concerned.
Unadjusted Transfer Amount shall have the meaning set forth in the Actuary’s Letter, (e) “Full Funding Amount” is the amount by which the Buyer PBO exceeds the TRW PBO (but in no event greater than $35 million), (f) the “Pension Surplus” means the excess, if any, of the unadjusted Transfer Amount over the TRW PBO, (g) the “Pension Deficit” means the excess of €17.1 million (or €19.4 million, if the assets applicable to French and German pension liabilities, denominated in Euros as of January 1, 2002, are not transferred by TRW to Buyer) over the German pension liability, denominated in Euros as of January 1, 2002, retained by TRW (which is a component of the German pension liability described in the Towers P▇▇▇▇▇ Summary Report provided in Annex 1 to Section 4.13 of the TRW Disclosure Letter (the “Towers Report”) and is determined under the same assumptions set forth in the Towers Report), if any, with respect to former TRW employees converted into US dollars at the spot $/€ exchange rate two days before the payment thereof in accordance with paragraphs (iii), (iv) or (vi) below, plus $6.2 million, (h) “Members” shall have the meaning set forth in Schedule 6.8(e)(ii), (i) “Consenting Members” shall have the meaning set forth in Schedule 6.8(e)(ii), and (j) “Currency Averaged Pension Deficit” means the excess of €17.1 million (or €19.4 million, if the assets applicable to French and German pension liabilities, denominated in Euros as of January 1, 2002, are not transferred by TRW to Buyer) over the German pension liability, denominated in Euros as of January 1, 2002, retained by TRW, if any, with respect to former TRW employees converted into US dollars at the average of the spot $/€ exchange rates on (i) January 1, 2002 and (ii) two days before payment, plus $6.2 million. In the event of any conflict between the provisions of this Section 6.8(u) and Schedule 6.8(e)(ii), the provisions of this Section 6.8(u) shall control. For the avoidance of doubt, (x) once a Pension Deficit is paid, the amount deemed paid for purposes of this Agreement shall not vary when referred to in other calculations in this Section 6.8(u) and (y) the amount of the Buyer PBO, TRW PBO, Transfer Amount, unadjusted Transfer Amount, Full Funding Amount and Pension Surplus each shall be deemed to be in pounds sterling for purposes of this Agreement.
Unadjusted Transfer Amount have the meanings given in paragraph 4.
Examples of Unadjusted Transfer Amount in a sentence
The Unadjusted Transfer Amount at the Completion Date will be based on rates of earnings as at the Completion Date.
This paragraph shall apply as regards the calculations of the Unadjusted Transfer Amount and the Transfer Amount referred to in paragraph 5.1(a) of Part 1B of this Schedule.
More Definitions of Unadjusted Transfer Amount
Unadjusted Transfer Amount has the same meaning as in the Actuary’s Letter.
Unadjusted Transfer Amount such amount as shall be calculated by Buyer's Actuary in accordance with the Actuarial Assumptions and agreed by Bord▇▇'▇ ▇▇▇uary (or in the absence of agreement determined in accordance with paragraph (b)(C)(iv) below as is equal to the aggregate of: (A) in the case of benefits under the Final pay section of the Bord▇▇ ▇▇▇eme, the value as at the U.K. Transfer Date as is equal to the aggregate of: (1) the value of the accrued benefits prospectively and contingently payable to and in respect of the U.K. Transferring Members under the Bord▇▇ ▇▇▇eme by reference to pensionable service up to the U.K. Transfer Date and final pensionable earnings at that time (making allowance in accordance with the Actuarial Assumptions for projected increases in final pensionable earnings of the U.K. Transferring Members from the U.K. Transfer Date to the assumed date of retirement or earlier death or withdrawal from service); and (2) the value of such guarantees as apply to the U.K. Transferring Members under the Final Pay section of the Bord▇▇ ▇▇▇eme; and (3) the value of those benefits under the Final Pay section of the Bord▇▇ ▇▇▇eme which are money purchase in nature; and (B) in the case of benefits under the Money Match section of the Bord▇▇ ▇▇▇eme, the value as at the U.K. Transfer Date as is equal to the aggregate of:
(1) the value of the Member's Interest (as defined in the Bord▇▇ ▇▇▇eme) applicable to the U.K. Transferring Members; and
(2) the value of such guarantees as apply to U.K. Transferring Members under the Money Match section of the Bord▇▇ ▇▇▇eme;
Unadjusted Transfer Amount means the unadjusted transfer amount calculated in accordance with the Actuary's Letter.
Unadjusted Transfer Amount have the meanings given in paragraph 3.