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The London Authorities (Superannuation) Order 1965

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Article 13

SCHEDULE 4APPORTIONMENT OF SUPERANNUATION FUNDS

In this schedule an authority maintaining a superannuation fund which is to be apportioned, or an authority maintaining a fund comprising such a fund, is referred to as “the paying authority and an authority receiving or retaining an apportioned part of the fund is referred to as “the receiving authority”, and references to “transferred employees shall be construed as references to transferred employees in respect of whom an apportionment is to be made and, in the case of the superannuation funds of the Middlesex Local Authorities Superannuation Joint Committee or the South East Essex Superannuation Joint Committee, shall include persons in respect of whom liabilities are transferred by article 9(2) or 11(2). Where the paying authority and the receiving authority are the same authority, references to the transfer of assets or the payment of any amount shall be construed as references to the retention of such assets or amount.

1.  In his report on the superannuation fund to be apportioned (in this schedule referred to as “the fund”) as at 31st March 1965, the actuary shall certify the fraction of that fund (in this schedule referred to as “the apportionment fraction”) which it is appropriate to transfer to each of the receiving authorities in consequence of the transfer to those authorities of superannuation liabilities in respect of transferred employees.

The apportionment fraction shall be a fraction of which:—

(a)the denominator is an amount representing the total of the liabilities shown in the valuation balance sheet appended to the report, less the value of future contributions (including employers' equivalent contributions) shown in the said balance sheet; and

(b)the numerator is an amount representing the part of the said liabilities determined by the actuary to relate to the transferred employees, less such part of the value of the said future contributions as the actuary estimates would have been received from or in respect of the transferred employees.

The paying authority shall furnish the actuary with such information as is necessary to enable him to calculate the apportionment fraction and shall keep such accounts as will enable the transferable assets of the fund to be distinguished.

Copies of the report containing the certificate referred to in this paragraph shall be sent to the receiving authorities.

2.  The transferable assets of the fund shall be:—

(a)any cash, securities, loans or other assets held in the fund at the date of transfer which represent in any form, or have accrued from, any cash, security, loan or other assets held in the fund at 31st March 1965;

(b)any cash, securities, loans or other assets held in the fund at the date of transfer resulting from any payments by way of transfer value or returned contributions received by the receiving authority in respect of any transferred employee and remitted to the paying authority pursuant to article 13(4);

(c)any cash, securities, loans or other assets held in the fund at the date of transfer resulting from sums credited to the fund since 31st March 1965 in respect of the annual charges and liabilities to be made good by authorities or their successors interested in the fund shown in the valuation balance sheet appended to the actuary's report, adjusted in accordance with any scheme made under section 22(6) of the Act of 1937 in consequence of the valuation;

less any sums due from the fund to sundry creditors at 31st March 1965 and expenditure after that date in respect of any asset mentioned in this paragraph.

3.  Not later than six months from the date of the submission by the actuary of his valuation and report, or within such longer period as the paying and receiving authorities may agree, the paying authority shall transfer to the receiving authority the apportionment fraction of the transferable assets of the fund and the date on which the transfer is effected is referred to in this schedule as the date of transfer.

The transferable assets of the fund which consist of Stock Exchange securities shall be valued by reference to their market value at the date of transfer, and the remainder of the transferable assets of the fund shall be valued by the actuary as at that date. The apportionment fraction of every transferable asset of the fund, or an equivalent amount in the form of cash or any other transferable asset as so valued, shall be transferred by the paying authority to the receiving authority.

4.  The apportionment fraction of a sum certified by the actuary to be equivalent in value to the aggregate of the future payments of annual charges and liabilities referred to in sub-paragraph (c) of paragraph 2 of this schedule shall be paid out of the paying authority's fund to the receiving authority by annual payments of such amount including interest as the actuary shall determine, and over a period determined by the actuary to be the mean residuary period for which such future payments are payable.

5.  Not later than the date of transfer the paying authority shall furnish to the receiving authority a statement setting out the transferable assets of the fund described in paragraph 2 of this schedule and showing the apportionment fraction of the assets transferred in accordance with paragraph 3 of this schedule. The statement shall also contain particulars of the sum referred to in paragraph 4 of this schedule and of the annual payments to be made thereunder. Within three months after receiving the statement the receiving authority may, by notice in writing addressed to the paying authority, object to the inclusion of or to the failure to include any matter in the statement or to the amount of any sum or annual payment set out therein as representing the apportionment fraction transferred or to be transferred in any particular case. Any unresolved objection shall be referred to the arbitration of a single arbitrator agreed upon by the paying authority and the receiving authority or, in default of agreement, appointed by the Minister, and such adjustment shall be made in the assets transferred or in the payments to be made under this schedule by the paying authority as is necessary to give effect to the award of the arbitrator.

6.  Each receiving authority shall pay to the paying authority an amount representing the apportionment fraction of the expenses incurred by the paying authority in carrying out the apportionment of the fund, including any expenses incurred by that authority, otherwise than from the fund, in relation to the transferable assets between 1st April 1965 and the date of transfer.

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