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Paragraph 14 I1I2

(1)

The excess amount referred to in paragraph 12(b) and 13(b) must be adjusted in accordance with subparagraph (2) if it is £50 million or less as at the Effective Date, and paragraph (3) if it is more than £50 million as at the Effective Date.

(2)

The adjustment must be in accordance with the investment returns achieved on the BlackRock Cash Portfolio, between the Effective Date and the Final Transfer Date, net of management fees and expenses in maintaining the portfolio.

(3)

The adjustment must be in accordance with the change in value of the notional portfolio constructed by the Trustee in accordance with paragraph 7 between the Effective Date and the Final Transfer Date; net of—

(a)

the relevant proportion of the management fees and expenses of maintaining the assets in the notional portfolio; and

(b)

any disinvestment costs reasonably incurred by the Trustee, such that—

  • excess over the Estimated Final Transfer Amount (as at the Final Transfer Date)

  • = excess over the Estimated Final Transfer Amount (as at the Effective Date) x

  • value of notional portfolio                                                         at Final Transfer Datevalue of notional portfolio                                                                     at Effective Date 

Annotations

Commencement

I1

Sch. 6 para. 14 not in force at made date, see art. 1(2)

I2

Sch. 6 para. 14 in force at 1.4.2012 by S.I. 2012/966, arts. 2, 3(b)