Life Annuity. In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.
Life Annuity. The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.
Life Annuity. We make Annuity Payments during the life of the Annuitant. The last payment will be the one that is due before the Annuitant’s death.
Life Annuity. Annuity Payments will be made for the lifetime of the Annuitant and will cease with the last payment due prior to the death of the Annuitant.
Life Annuity. In the case of benefits payable periodically on a monthly basis for as long as a life (or lives) continues, such as a straight life annuity or a Qualified Joint and Survivor Annuity, an amount equal to the portion of a monthly benefit payment derived from Employer contributions.
Life Annuity. If a participant does not have a spouse (as defined in section 2.7 below) on his supplemental retirement benefit commencement date, and if he has not elected pursuant to the preceding provisions of this section 2.4 to receive his supplemental retirement benefits in a single lump sum, payment of his supplemental retirement benefits shall be during his lifetime on a life annuity basis.
Life Annuity. Single Life - Periodic annuity benefit payments during the Annuitant's life. The annuity benefit payments do not continue after the death of the Annuitant.
Life Annuity. With the exception of the cases referred to in paragraphs 7, 10, 11, 14 and 15, the balance of the Plan may only be converted into a life pension guaranteed by an insurer and established for the duration of the life of the Annuitant alone or, if applicable, for the duration of the life of the Annuitant and the life of his Spouse where upon the death of the Annuitant, a pension of at least 60% of the amount of the pension to which the Annuitant would have been entitled is granted, unless waived by the Spouse. The periodic payments paid under that pension must be equal, unless each amount to be paid is uniformly increased by reason of an index or a rate provided for in the contract or uniformly adjusted by reason of a seizure effected on the benefits of the Annuitant, a redetermination of the Annuitant’s pension, or the partition of the Annuitant’s benefits with the Spouse, or by election provided for in subparagraph 3 of the first paragraph of Section 93 of the Act respecting Pension Legislation.
Life Annuity. A payment will be made each month for as long as either the annuitant or the second annuitant is alive. You cannot change your choice of second annuitant after payments begin. You may include a guaranteed period of 10, 15 or 20 years. If you do not include a guaranteed period, all payments will cease after both annuitants have died. You may choose from among the following forms of two-life annuity. Full Benefit While Either the Annuitant or the Second Annuitant is Alive. The full monthly benefit payable while both the annuitant and the second annuitant are alive will continue to be paid until both have died. If you include a guaranteed period and the annuitant and the second annuitant both die before the end of the period chosen, the full monthly benefit that would have been payable if both had lived will continue to be paid until the end of that period and then cease.
Life Annuity. In addition to the rules imposed by the Income Tax Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Annuitant and the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation. The life annuity may not commence before the earlier of:
(a) the earliest date on which the former member is entitled to receive pension benefits under Pension Legislation as a result of termination of employment or termination of membership in any pension plan from which the money was transferred into the LIRA; and
(b) the earliest date on which the former member is entitled to receive pension benefits under any pension plan described in clause (a) as a result of termination of employment or termination of membership in the plan.
