Common use of Life Annuity Clause in Contracts

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. With the exception of the cases referred to in paragraphs 715, 1016, 11, 14 18 and 1519, 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 Spousespouse. 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, Spouse or by election provided for in subparagraph 3 of the first paragraph of Section 93 of the Act respecting Pension Legislation.