Conversion into a Pension Clause Samples

Conversion into a Pension. The Annuitant may convert the balance of the funds held in this LIRA into a life pension at any time, unless the term agreed to for the investments has not expired. In addition, the balance of the LIRA may only be converted into a Pension guaranteed by an insurer and established for the duration of the life of the Annuitant alone or for the duration of the life of the Annuitant and his/her spouse, if the following conditions, where applicable, are met: