Common use of Joint and Survivorship Pension Clause in Contracts

Joint and Survivorship Pension. A Member who desires to have his Pension continue for the lifetime of a joint annuitant, may elect one of the following joint or survivorship Pensions: a joint and survivorship Pension which shall continue in the same amount as had been received by the Member prior to the date of their death; a joint and survivorship Pension which shall reduce to sixty (60%) per cent of the amount that had been received by the Member prior to the date of their death. The amount of the adjusted Pension depends on the specified option chosen, the age of the Member at retirement and the age and sex of the joint annuitant. The election under this sub-section may be canceled upon notification from the Member more than thirty (30) days prior to his retirement date or if the joint annuitant dies prior to the Member's retirement. In the case of the death of the joint annuitant before the member retires under the Plan, the Pension will become payable at the Retirement Date of the Member as if this option had not been elected. In such case, the Member may make another election under the terms of this Section Pension Integrated with Government Pensions Any Member who retires before he is eligible to receive benefits under the Canada or Quebec Pension Plan and Old Age Security Act, may elect to receive their Pension under the Plan paid in a greater amount to the date on which they become eligible for such statutory benefits, then decreasing to a lesser amount thereafter so as to provide, as far as practicable, a level income after retirement date through the integration of Pension benefits under this Plan with those payable under the Old Age Security Act, and the Canada or Quebec Pension Plan, as amended to date of retirement. For married members this benefit would also provide for joint and survivorship sixty (60%) per cent. The Group Annuity Table for with an interest rate of eight (8%) per cent shall be used in computing actuarially equivalent benefits pursuant to Section hereof.

Joint and Survivorship Pension. A Member who desires to have his Pension continue for the lifetime of a joint annuitant, may elect one of the following joint or followingjoint and survivorship Pensions: a joint and survivorship Pension which shall continue in the same amount as had been received by the Member prior to the date of their his death; : a joint and survivorship Pension which shall reduce to sixty (60%) per 60)per cent of the amount that had been received by the Member prior to the date of their death. The amount of the adjusted Pension depends on the specified option chosen, the age of the Member at retirement and the age and sex of the joint annuitant. The election under this sub-sub- section may be canceled cancelled upon notification from the Member member more than thirty (30) days 30)days prior to his retirement date Retirement Date or if the joint annuitant dies prior to the Member's ’s retirement. In the case of the death of the joint annuitant before the member Member retires under the Plan, the Pension will become payable at the Retirement Retire- ment Date of the Member as if this option had has not been elected. In such case, the Member may make another election under the terms of this Section Pension Integrated with Government Pensions Any An Member who retires before he is eligible to receive benefits under the Canada or Quebec Pension Plan and Old Age Security Act, may elect to receive their Pension under the Plan paid in a greater amount to the date on which they become eligible for such statutory benefits, then decreasing to a lesser amount thereafter so as to provide, as far as practicable, a level income after incomeafter retirement date through the integration of Pension benefits under this Plan with those payable under the Old Age Security Act, and the Canada or Quebec Pension Plan, as amended to date of retirement. For married members this benefit would also provide for joint forjoint and survivorship sixty (60%) per cent. The Group Annuity Table for with an interest rate of eight (8%) per cent shall 8%)shall be used in computing actuarially equivalent benefits pursuant to Section hereofSECTION GENERAL PROVISIONS No payment of Pension benefits shall commence until the Member has filed satisfactory proof of age with the Com- pany. A Member who has named a joint annuitant shall also be required to provide a satisfactory proof of age for such joint annuitant. If the amount of the retirement income or deferred retirement income payable to the participant is less than two (2%) per cent of the in the year of termination or retirement, or such other amount as may be permitted in accordance with the Pension Benefits Act from time to time, the participant may receive a lump sum payment equal to the amount required to provide such benefit or the actuarial equiv- alent thereof quarterly,semi-annualor annual payments, at the sole discretion of the Company. Nothing in this Agreement shall be taken to mean that any change will be made in benefits paid or in the process of payment to employees (or their heirs and assigns) who termi- nated, died or retired on or before December Benefits under the Plan shall not be subject to anticipa- tion, alienation sale, transfer, assignment, pledge, encumbrance or charge or to attachment or legal process for debts of the person receiving such benefits. The Company shall provide the Union with the follow- ing in respect of employees who are Members: information as to sex, date of birth, date of employ- ment, classification; pension, death and termination benefits accrued to the Plan Year End immediately preceding any termination date of the Collective Agreement between the parties of this Agreement; the contribution information contained in the Annual Information Return prepared each year pursuant to the Pension Benefits Act.

Joint and Survivorship Pension. A Member who desires to have his Pension continue for the lifetime of a joint annuitant, may elect one of the following joint or survivorship Pensions: a joint and survivorship Pension which shall continue in the same amount as had been received by the Member prior to the date of their death; a joint and survivorship Pension which shall reduce to sixty (60%) per 60%)per cent of the amount that had been received by the Member prior to the date of their death. The amount of the adjusted Pension depends on the specified option chosen, the age of the Member at retirement and the age and sex of the joint annuitant. The election under this sub-section may be canceled cancelled upon notification from the Member more than thirty xxxxxxx (30) days prior to his retirement retire- ment date or if the joint annuitant dies prior to the Member's retirement’s retire- ment. In the case of the death of the joint annuitant before the member mem- ber retires under the Plan, the Pension will become payable at the Retirement Date of the Member as if this option had not been elected. In such case, the Member may make another election under the terms of this Section Pension Integrated with Government Pensions Any Member who retires before he is eligible to receive benefits under the Canada or Quebec Pension Plan and Old Age Security Act, may elect to receive their Pension under the Plan paid in a greater amount to the date on which they become eligible for such statutory benefits, then decreasing to a lesser amount thereafter so as to provide, as far as practicable, a level income after retirement date through the integration of Pension benefits under this Plan with those payable under the Old Age Security Act, and the Canada or Quebec Pension Plan, as amended to date of retirement. For married members this benefit would also provide for joint and survivorship sixty (60%) per cent. The Group Annuity Table for with an interest rate of eight (8%) per cent shall be used in computing actuarially equivalent benefits pursuant to Section hereof.