Payment of pensions Sample Clauses

Payment of pensions. 1. The commencement date for payment of a pension payable by virtue of this Agreement shall be determined in accordance with the legislation of the contracting Party concerned but in no case shall that date be a date earlier than the date on which this Agreement enters into force. 2. The pensions paying institutions may discharge their obligations under this Agreement in their national currency. 3. Transfers resulting from the implementation of this Agreement shall take place pursuant to the Agreements that exist between both contracting Parties. 4. The provisions in the legislation of one of the contracting Parties with regard to exchange control shall not obstruct the free transfer of financial amounts resulting from the implementation of this Agreement. 5. A pension payable by a contracting Party by virtue of this Agreement to a person outside the territory of that Party shall be paid without deduction for government administrative fees and charges for processing and paying that pension. 6. The payment outside Australia of an Australian pension that is payable by virtue of this Agreement shall not be restricted by those provisions of the legislation of Australia which prohibit the payment of a pension to a former Australian resident who returns to Australia becoming again an Australian resident, and lodges a claim for an Australian pension and again leaves Australia within a specified period of time.

Payment of pensions. 1. Pensions may be validly paid by an agency of one Contracting State to a person residing in the territory of the other Contracting State in the currency of that Contracting State. If pensions are paid in the currency of the other Contracting State, the conversion rate shall be the rate of exchange in effect on the day when pensions are paid. 2. In the event that a Contracting State imposes currency controls or other similar measures that restrict payments, remittance or transfers of funds or financial instruments to persons who are outside that Contracting State, it shall, without delay, take appropriate measures to ensure the payment of any amount that must be paid in accordance with this Agreement to persons described in Article 3 who reside in the other Contracting State.

Payment of pensions. The pension paying agencies may discharge their obligations under this Convention in their national currency. Transfers resulting from the implementation of this Convention shall take place pursuant to the Conventions that exist between both contracting States. The provisions in the legislation of one of the contracting States with regard to monetary control must not obstruct the free transfer of financial amounts resulting from the implementation of this Convention.

Payment of pensions. Retirement benefits under the Plan will be: (a) provided by means of annuities purchased from a person licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada an annuities business, or (b) paid on a self-insured basis as acceptable under the Income Tax Act.

Payment of pensions. 41 58 Timing.................................................................................... 41 59 Duration.................................................................................. 41 (3) 60 Method and Increases...................................................................... 41

Payment of pensions. Each retirement pension shall be paid in monthly installments, provided, however, that the Company in its sole discretion may, where the amount payable at Regular retirement Age, is less than 2% of the YMPE in the year that the employee breaks Accredited service or, where the Commuted Value of the annual pension is less than 4% of the YMPE in the year that the employee breaks Accredited service, pay such pensions in quarterly, semi-annual, or annual installments or in the form of a lump sum which shall, in either case, be Actuarially Equivalent in value to the monthly pension payments. The first monthly installment of any Retirement pension (except in the case of a Medical retirement or a deferred Retirement Pension elected under subsection (a) of Section 4 of Article VI) shall be payable for the first full calendar month following the employee’s retirement, and shall be paid during such month provided the application for a Retirement pension is made not later than the close of the month in which the applicant retires. If the application for a Retirement Pension is made after the close of the month in which the applicant retires, the first monthly installment of the Retirement pension shall be paid for the month in which such application is made. In the case of a medical retirement, the first monthly installment of a Retirement pension shall be payable for the month in which the Medical retirement occurs. The last monthly installment of any Retirement Pension shall be payable for the month in which the death of such person shall occur subject to the provisions of Article VII.

Payment of pensions. Pensions shall be paid directly to the beneficiaries.

Payment of pensions. 1. The competent institution of one Contracting Party shall make pension payments quarterly to the pension recipient with the residence in the territory of the other Contracting Party. The pension recipient shall submit a certified life certificate, using the established form, twice a year, in April and October, to the competent institution making the pension payment. 2. The competent institutions of the Contracting Parties shall be responsible for the full, correct and timely transfer of pension payments under the Agreement in accordance with the legislation that they apply. 3. The competent institutions or liaison bodies of the Contracting Parties will conclude an arrangement on electronic data exchange in relation to pension payments, as well as other data relevant for the exercise of rights. 1. In accordance with the Agreement, the competent institution of one Contracting Party shall transfer pensions in euros (EUR) or dollars (USD) to the territory of the other Contracting Party and expenses related to the transfer to the servicing bank (sending bank) shall be borne by the competent institution of the Contracting Party granting the pension. Expenses related to the transfer of the pension from the servicing bank (sending bank) to the pension recipient's account shall be paid at the pension recipient's own expense. 2. Pension payments in the territory of the Contracting Party granting the pension shall be made in the national currency of this Contracting Party.

Payment of pensions. 9.1 The Company will pay the pensions monthly at the usual date of salary payments. 9.2 The first payment will be made in the month, which follows the month in which the prerequisites for pension payments are met. Pension payments, however, will be suspended as long as salary payments are continued. The last payment will be made in the month during which the pension obligation ceases to exist. 9.3 Upon the Company's or the Employee's request a part or the full pension benefits may be converted into a single lump sum, if legally allowed and provided both parties agree. 9.4 The lump sum benefit equals the actuarial present value of the pension as of conversion Visteon Holdings GmbH Page 5 -------------------------------------------------------------------------------- date, based on the actuarial principles used to calculate the pension book reserves for the Company's tax balance sheet at conversion date. The applicable interest rate, however, is the interest rate used for the calculation of the German Book Reserve as of termination date.

Payment of pensions. 1. Based on the application of a pension recipient, the granted pension may be paid in the territory of the Contracting Party which has granted it or may be transferred to the territory of the other Contracting Party where the pension recipient has residence, in the manner prescribed in the Administrative Arrangement provided for in paragraph 1 of Article 11of this Agreement. 2. If a pension recipient resides in a territory of a third state, the pension granted under the legislation of one of the Contracting Parties shall be paid as follows: as regards the Republic of Serbia - under the same conditions as for its citizens; as regards the Republic of Azerbaijan - by choice of the beneficiary in its territory, or shall be transferred to the territory of the Republic of Serbia. 3. The competent institution of one Contracting Party shall transfer pensions under this Agreement to the pension recipients in the territory of the other Contracting Party in euros (EUR) or dollars (USD).