Deferred Pension. Any employee who is permanently laid off from the Company and whose recall rights have expired or been waived and whose age and seniority total fifty-five (55) or more at the date of layoff shall be entitled to a deferred pension beginning at the earliest date that he or she would have been eligible to retire had he continued to work for the Company. Where such employee has ten (10) or more years of seniority, such deferred pension shall include any applicable bridging benefits.
Deferred Pension. An employee who loses his seniority under the labor agreement and who at the date he loses his seniority
(i) has 5 years or more of credited service and is not eligible for a pension under any other Section of this Pension Plan, or
(ii) has attained the latter of age 65 or the fifth anniversary in which the employee commenced participation in the Pension Plan, shall be eligible for a deferred pension under compliance with the terms of this Section (6), which shall be a monthly pension payment equal to the amount that is assigned to the Benefit Class Code that is applicable to him as provided in Appendix C to this Pension Plan for each year of credited service that he had at the date he lost his seniority. Any deferred pension under this Section (6) shall at the option of the former employee be either
(a) a monthly pension effective the first day of the first month after he attains age 65 commencing not earlier than 180 days prior to the date on which such former employee elects to have his deferred pension commence, in the full amount for which he is eligible under this Section (6), or
(b) a monthly pension commencing as of the first day of the month after he attains age 60 or files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above reduced by a percentage equal to five-ninths of one percent multiplied by the number of months by which he is less than 65 years of age at the date such pension commences, or
(c) if he loses his seniority on or after January 1, 1976 and has attained at least age 55 but not 60, a monthly pension commencing as of the first day of the month after he lost his seniority and after his combined years of age and years of credited service (to the nearest 1/12 in each case) total 85 or more, or after he files his application for such pension, whichever is later, in an amount equal to the monthly pension provided for in (a) above, multiplied by a percentage as set forth in the following table: Age When Pension Commences Percentage* 55 42.5 56 46.4 57 50.6 58 55.4 59 60.7 60 66.7 *Prorated for intermediate ages computed to the nearest whole month.
Deferred Pension. Any employee who is permanently laid off from the Company and whose recall rights have expired or been waived and whose age and seniority total fifty-five (55) or more at the date of layoff shall be entitled to a deferred pension beginning at the earliest date that he or she would have been eligible to retire had he continued to work for the Company. Where such employee has ten or more years of seniority, such deferred pension shall Include any applicable bridging benefits. The Company and the Union have agreed to an extension of recall rights to provide that employees shall have the right to recall equal to two (2) times their seniority to a maximum of six (6) years. Former employees with the right to recall would have the right to turn down recall to a temporary job. Recall rights shall be terminatedautomaticallywhen an employee elects to receive severance pay. Preferential Hiring Employees laid off by the Company shall have preferentialhiring rights for a period of time equal to their recall rights.
Deferred Pension. IN A Member who of Employment has
Deferred Pension. If a Member's Continuous Service is terminated prior to the Member's Normal or Early Retirement Date for any reason other than death, the Member shall be entitled to receive an annual deferred pension from the Plan. The pension shall be payable in equal monthly installments in accordance with the appropriate form of pension payment in Section 8 (Xxxxxx and Forms of Payment), commencing on the Member's Normal or Early Retirement Date. The pension shall be equal to the amount of the pension accrued by the Member up to the date of the Member's termination of employment, computed pursuant to Section 6 (Retirement Benefits). However, if the Member elects to have his or her pension commence prior to the Normal Retirement Date, the pension shall not be reduced pursuant to paragraph (a) of Section 6.02 (Early Retirement Pension), but rather shall be the Actuarial Equivalent of the pension that would have been payable upon the Member's Normal Retirement Date, subject to paragraph (b) of Section 6.05 (Maximum Retirement Limits Under the Income Tax Act).
Deferred Pension. If the Member has completed two years or more of Qualifying Service or a transfer payment in respect of the Member's rights under a Personal Pension Scheme has been received under clause G.1 of the Trust Deed, the Member shall be granted at the Member's option either of the benefits specified at (a) or (b) below. If the Member fails to notify the Trustee in writing of his or her choice within six months of ceasing to be in Pensionable Service, the Member will be deemed to have chosen option (a). (This is without prejudice to the Member's right under s95 1993 Act).
(a) A deferred pension commencing at Normal Retirement Date at an annual rate equal to the greater of:
(i) A x B; and
(ii) (A x (B - C)) + D where:
Deferred Pension. The term “
