Common use of Compulsory Transfer Clause in Contracts

Compulsory Transfer. The moneys and assets held under this Account shall be affected to a permitted transfer as provided at section 3 hereof before the end of the calendar year in which the Annuitant attains the maximum age prescribed under the Income Tax Act (Canada), at the choice of the Annuitant as specified in writing. However, if the Trustee has not received from the Annuitant the necessary documentation to start a pension or effect such transfer, within 90 days prior to the end of the calendar year in which the Annuitant attains the maximum age prescribed under the Income Tax Act (Canada), the Trustee shall, at its entire discretion, either purchase an immediate Life annuity contract for the Annuitant, in compliance with subsection 3.2 hereof, or transfer the balance of this Account to a RIF for the Annuitant, as defined in section 29.1 of the Regulation.

Compulsory Transfer. The moneys money and assets held under this Account shall be affected to a permitted transfer as provided at section 3 hereof before the end of the calendar year in which the Annuitant attains the maximum prescribed age prescribed limit under the Income Tax Act (Canada), at the choice of the Annuitant as specified in writing. However, if the Trustee has not received from the Annuitant the necessary documentation to start a pension or effect such transfer, within 90 days prior to the end of the calendar year in which the Annuitant attains the maximum prescribed age prescribed limit under the Income Tax Act (Canada), the Trustee shall, at its his entire discretion, either purchase an immediate Life annuity contract for the Annuitant, in compliance with subsection 3.2 hereof, or transfer the balance of this Account to a RIF for the Annuitant, as defined in section 29.1 of the Regulation.