Common use of Automatic Form of Pension Clause in Contracts

Automatic Form of Pension. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of 60% of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actuarially equivalent to the normal form of pension. Any other form of pension provided herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments.

Automatic Form of Pension. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of 60% of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actuarially actually equivalent to the normal form of pension. Any other form of pension provided herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments.

Automatic Form of Pension. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of 60% of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actuarially equivalent to the normal form of pension. Any other form of pension provided herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-12- month period immediately preceding the commencement of payments.

Automatic Form of Pension. Any employee who has a spouse at the time of pension commencement must take their pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at immediately lifetime of the rate of 60% of the pension which in payment to the employee immediately prior to their death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of their pension benefit shall be actuarially equivalent to the normal form of pension. Any other form of pension provided herein may be elected if the employee and their spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments.