The following Pensions precedent provides comprehensive and up to date legal information covering:
This precedent has been prepared on the basis that the drafter is acting for the buyer
The following warranties have been drafted for a transaction where the Buyer:
decides to replicate pension benefits for transferring Employees in the same pension scheme by entering a deed of substitution to participate and assume responsibility for the scheme, or
agrees to accept a transfer of Employees’ past service benefits from the Seller’s pension scheme to its own scheme.
You are strongly advised to involve a pensions specialist at the earliest opportunity.
Interpretation and definitions
For the purposes of paragraphs 2 to 7 inclusive:
[Employee means [define as necessary either by class or named individuals];]
Pension Scheme[s] mean[s] [[insert name(s) of scheme(s)] OR an arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity or similar benefit to be given on retirement, long-term ill-health or death, or pursuant to a pension sharing order, in relation to the service or historic service of an Employee or any other person, or for the benefit of that individual’s dependants.]
No other obligations or commitments
Except as provided for by the Pension Scheme[s], [the Seller] is not participating and never has participated in any agreement or arrangement, or has entered into any obligation or commitment (whether funded or unfunded and whether legally binding or otherwise), to provide or contribute towards
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