Normal Form of Pension. The normal form of pension will be life only. Termination - After completing 2 years of continuous service, a terminating member, other than termination on account of death or retirement, will be entitled to a pension payable at the employee’s Normal Retirement Date, or to transfer to a locked-in Registered Retirement Savings Plan the actuarial equivalent value for the employee’s deferred retirement income under the Plan.
Normal Form of Pension. The normal pension will be guaranteed for the lifetime of the retired member, however, a minimum guarantee period (eg. 10 years) can be applicable. Some other options available:
Normal Form of Pension. Under the normal form, the pension is payable monthly for as long as the member lives after retirement with the guarantee that should he die before he has received 60 monthly payments, the payments shall be continued to his designated beneficiary until 60 monthly payments in all shall have been made.
Normal Form of Pension. (1) Members Without A Spouse If the Member does not have a Spouse at the date on which his pension payments commence, the normal form of pension provides for payment of equal monthly installments of pension at the beginning of each month for the Pensioner’s lifetime.
Normal Form of Pension. The normal form of pension under the agreement is payable for the life- time of the employee.
Normal Form of Pension. The normal form of pension under the Agreement is payable for the lifetime of the employee. Automatic Form of Pension Any employee who has a spouse at the time of pension commencement must take pension in a joint and survivor form under which the pension benefit shall continue to the spouse after the death of the employee at the rate of of the pension which in payment to the employee immediately prior to death and shall continue to be paid for the lifetime of the spouse. In this event, the amount of pension payable to the employee shall be reduced such that the value of pension benefit shall be actuarially equivalent to the normal form of pension. Any other form of pension provided herein may be elected if the employee and spouse both waive the entitlement to this joint and survivor form of payment in the prescribed form or by means of a certified copy of a domestic contract as defined under the Family Law Act. To be valid, the waiver must be delivered to the Company within the 12-month period immediately preceding the commencement of payments. Optional Forms of Pension Subject to Article an employee may elect an optional form of pension by notifying the Company in writing prior to date of retirement of the optional type of pension wishes to receive. The amount of pension payable to an employee under an optional form shall be reduced such that the value of optional pension benefit shall be actuarially equivalent to the normal form of pension. Any election of an optional type of pension may be revoked or altered to another optional type if done in writing prior to the commencement of pension. Any option elected becomes binding upon the commencement date of the pension. The optional forms of pension available are as follows: Life G u a r a n t e e d Five Y e a r s This type of pension provides payments for the entire lifetime of the employee and guarantees that, should the employee die after pension has commenced but before has received monthly payments thereof, the payments shall be continued to beneficiary or estate until monthly --payments in a l l have been made.
Normal Form of Pension. The normal pension will be guaranteed for the lifetime of the retired member, a minimum guarantee period (e.g. O years) can be applicable. Some other options available: Life annuity only Life annuity with year guarantee I Joint and survivor annuity Joint and survivor annuity reducing on death Life annuity with or without guarantee indexed to maximum of Pension form chosen will be determined by the member based on current at retirement and can be purchased from any financial institution licensed to sell annuities in Canada.
Normal Form of Pension. The normal retirement benefit of a Participant shall be payable on a monthly basis as a: [x] 1. life annuity only [ ] 2. life annuity with ________ (not more than 10) years certain [ ] 3. life and __________% (not less than 50 nor more than 100) survivor annuity
Normal Form of Pension. The normal form of retirement income shall be in the form of monthly instalments beginning on the Member's Retirement Date and continuing thereafter during his lifetime. Upon death, payments cease. For the defined benefit provision, if a Member has a Spouse at retirement, the normal form of retirement income shall be a surviving spouse option that will provide an annual pension for the Member during his lifetime, and continuing thereafter to the Spouse upon the Member’s death. The benefit payable shall be actuarially equivalent to the pension payable to the employee and a 66 2/3% survivor benefit, guaranteed for 5 years, and payable to the Surviving Spouse after the death of the employee.
Normal Form of Pension. Members Without A Spouse If the Member does not have a Spouse at the date on which his pension payments commence, the normal form of pension provides for payment of equal monthly of pension at the beginning of each month for the Pensioner’s lifetime. Members with A Spouse If a Member has a Spouse at the date on which his pension payments commence the automatic form of the pension benefit in respect of Membership service shall be a pension benefit payable to the life of the member, with a survivor annuity for the life of his spouse, of of the amount of retirement benefit received by the member. The Pensioner and the Pensioner’s Spouse may jointly waive the requirements of Section above, by completing a written witnessed declaration to that effect in a form as prescribed by the Pension Benefits Act. Benefits shall then be paid in accordance with Section above, or Article VII herein, as applicable.
