LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annual pension to which a member is entitled at his normal retirement date is not more than of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment, the Company may make a lump sum settlement in full discharge of all liabilities in respect of such pension. This lump settlement is equal to the amount that would have otherwise been used to purchase the pension from an Insurance Company.
LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annuaF pension to which a member is entitFed at his normaF retirement date is not more than 2% of the Year's Maximum PensionabFe �arnings in the year that the former member terminated empFoyment, the Company may make a Fump sum settFement in fuFF discharge of aFF FiabiFities in respect
LIMITATIONS REGARDING SMALL PAYMENTS. If the of annual pension to which a is entitled at his retirement is not more than the Year's Maximum Pensionable Earnings the year that the terminated employment, the Company make a sum settlement in full discharge all liabilities in respect This settlement is equal to the amount that have been used to the pension an Insurance Company. PAYMENTSTO MINORS AND INCOMPETENTS the Company receives satisfactory evidence that a Meniber or other recipient entitled to receive any benefit hereunder is physically or mentally incompetent to receive such benefit and to give a valid release therefore, or is a minor, that another person or an institution is then maintaining or has custody of Member other recipient and that no tutor, council or other representative of such Member or other recipient been duly legally appointed, the Company authorize the of benefit to such other person or institution, whose receipt be a complete discharge for the of benefit. MISSTATEMENTOF INFORMATION a Member’s age, menibership, Continuous Service with the or other relevant the amount or date payment tincler have been found to be greater or amount shall be payable under the Plan than that would been on the basis the correct information. Any over-payment or excess to a Member or other recipient of benefits the Plan be against any payments to such Meniber or recipient, or recovered in such other as be advisable by the Company, any under-payment shall be to the Member or to the recipient. DESIGNATION OF BENEFICIARY A Meniber may, enrollment, designate a Beneficiary in the event shall be an): as may the the Plan be payable the Meniber. Provided there are no legal or restrictions to the contrary, the may time to time revoke any such appointment without consent of the Beneficiary appoint a new no Beneficiary been any due shall be to Member’s estate in a ARTICLE -AMENDMENT OFTHE PLAN AMENDMENT The Company reserves the right to the Plan, from to time, as be required by any statute or regulation or as be agreed by Company and the Union. Any amendment shall be effected by attaching to the Plan a certified copy such provided that such shall reduce the benefits accrued to Members up to the of such amendment. If the Plan is terminatecl, shall be used to all liabilities the Plan in accordance The Pension Act of Ontario and Regulation thereunder through the purchase of annuities from an Insurance Company, transfers to non-commutable RegisteredRetirement Savings Plan or cash settlements.
LIMITATIONS REGARDING SMALL PAYMENTS. If the amount of annual pension to which a member is entitled at his normal retirement date is not more than of the Year’s Maximum Pensionable Earnings in the year that the former member terminated employment, the Company may make a lump sum settlement in full discharge of all liabilities in respect of such pension. This lump sum settlement is equal to the amount that would have otherwise been used to purchase the pension from an Insurance Company. Payments to Minors and Incompetents the Company receives satisfactory evidence that a Member or other recipient entitled to receive any benefit hereunder is physically or mentally incompetent to receive such benefit and to give a valid release therefore, or is a minor, and that another person or an institution is then maintaining or has custody of such Member or other recipient and that no tutor, guardian, family council, or other representative of such Member or other recipient has been duly and legally appointed, the Company may authorire the payment of such benefit to such other person or institution, whose receipt shall be a valid and complete discharge for the payment of such benefit.
