This preparatory work will also include the review and agreement on the transfer value of the transferring system, as well as an assessment of the possible shortfall in the amount that public service pensions will need to cover the pension credits to be granted. The current “broadly comparable” (PO) pension plan must contain details of members` benefits under the BC pension plan, including their qualifying service, in a mandatory format. The data is needed for GAD calculations and member option packages (see below) and qualifying service data is added to the new member pension dataset to ensure that benefits requiring a minimum duration of membership (e.g.B. premiums received, sickness pensions), are calculated correctly if a member stops working shortly after returning to public service retirement agreements. Obligation – Often, an accrediting body is required to provide a loan or compensation from a regulated policyholder or insurance company to an LGPS fund, in order to bear financial risks to the Fund related to the licensing body`s participation in LGPS. Instead, it may be possible to provide a guarantee from another organization, for example. B by the person who finances or controls the accreditation body (e.g. B a parent company) or by the contracting authority for which the accreditation body provides services. Authorisation agreements should be signed before the date of entry into force of the authorisation.
In the event of a delay between the date of entry into force of the approval and the date of signature of the approval agreement, the contracting authority shall be held liable for claims against public service pensions. It is the responsibility of the contracting authority to provide details of the proposal for admission to public service pensions to Scheme Manager (Cabinet Office). . . .