closed agreement

closed agreement
England, Wales
An admission agreement that permits only those employees who are members or entitled to membership of the LGPS at the point of transfer to remain members or retain eligibility for membership.
A service provider that recruits new joiners to work alongside the transferred employees after the transfer date will therefore have to make other pension arrangements for the new joiners.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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