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The London Authorities (Superannuation) Order 1965

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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.

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