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Common use of Portability Clause in Contracts

Portability. In lieu of the Pension accrued under Section 9.02, 9.04, and 9.05, a terminated Member may elect to transfer the commuted value of such Pension to: (a) another pension plan in which the Member is a member or former member, provided the terms of the other pension plan permit such a transfer; (b) the member's eligible prescribed (locked-in) retirement savings arrangement; (c) an insurance Company licensed to transact business in Canada, for the purchase of an immediate or deferred life annuity. Such transfer shall not be made until the financial institution receiving such funds agrees to administer the funs on a locked-in basis, in accordance with the Pension Benefits Act, 1987 regarding such locked-in amounts, and subject to the regulations thereunder limiting such transfers when the solvency of the Plan may be impaired. The commuted value shall be calculated in the manner prescribed under the Pension Benefit Act.

Appears in 7 contracts

Samples: Collective Agreement, Collective Agreement, Collective Agreement

Portability. In lieu of the Pension accrued under Section Sections 9.02, 9.04, 9.04 and 9.05, a terminated Member may elect to transfer the commuted value of such Pension to: (a) another pension plan in which the Member is a member or former member, provided the terms of the other pension plan permit per- mit such a transfer; (b) the member's Member’s eligible prescribed (locked-in) retirement savings arrangement; (c) an insurance Company company licensed to transact business in Canada, for the purchase of an immediate or deferred life annuity. Such transfer shall not be made until the financial institution receiving such funds agrees to administer the funs funds on a locked-in basis, in accordance with the Pension Benefits Act, 1987 regarding such locked-in amounts, and subject to the regulations thereunder limiting such transfers when the solvency of the Plan may be impairedim- paired. The commuted value shall be calculated in the manner prescribed pre- scribed under the Pension Benefit Benefits Act.

Appears in 3 contracts

Samples: Collective Agreement, Collective Agreement, Collective Agreement

Portability. In lieu of the Pension pension accrued under Section 9.02Sections 9.2, 9.04, 9.4 and 9.059.5, a terminated Member may elect to transfer the commuted value of such Pension to: (a) another pension plan in which the Member is a member or former member, provided the terms of the other pension plan permit such a transfer; (b) the member's Member’s eligible prescribed (locked-in) retirement savings arrangement; (c) an insurance Company licensed to transact business in Canada, for the purchase of an immediate or deferred life annuity. Such transfer shall not be made until the financial institution receiving such funds agrees agree to administer the funs funds on a locked-in basis, in accordance with the Pension Benefits Act, 1987 regarding such locked-in amounts, and subject to the regulations thereunder limiting such transfers when the solvency of the Plan may be impaired. The commuted value shall be calculated in the manner prescribed under the Pension Benefit Benefits Act.

Appears in 2 contracts

Samples: Collective Bargaining Agreement, Collective Bargaining Agreement

Portability. In lieu of the Pension accrued under Section 9.02, 9.04, and 9.05, a terminated Member may elect to transfer the commuted value of such Pension to: (a) another pension plan in which the Member is a member or former member, provided the terms of the other pension plan permit such a transfer; (b) the member's eligible prescribed (locked-in) retirement savings arrangement; (c) an insurance Company licensed to transact business in Canada, for the purchase of an immediate or deferred life annuity. Such transfer shall not be made until the financial institution receiving such funds agrees to administer the funs funds on a locked-in basis, in accordance with the Pension Benefits Act, 1987 regarding such locked-in amounts, and subject to the regulations thereunder limiting such transfers when the solvency of the Plan may be impaired. The commuted value shall be calculated in the manner prescribed under the Pension Benefit Act.

Appears in 2 contracts

Samples: Transportation Collective Agreement, Collective Agreement

Portability. In lieu of the Pension accrued under Section 9.02, 9.04, and 9.05, a terminated Member may elect to transfer the commuted value of such Pension to: (a) another pension plan in which the Member is a member or former member, provided the terms of the other pension plan permit such a transfer; (b) the member's eligible prescribed (locked-in) retirement savings arrangement; (c) an insurance Company licensed to transact business in Canada, for the purchase of an immediate or deferred life annuity. Such transfer shall not be made until the financial institution receiving such funds agrees to administer the funs on a locked-locked- in basis, in accordance with the Pension Benefits Act, 1987 regarding such locked-locked- in amounts, and subject to the regulations thereunder limiting such transfers when the solvency of the Plan may be impaired. The commuted value shall be calculated in the manner prescribed under the Pension Benefit Act.

Appears in 2 contracts

Samples: Collective Agreement, Collective Agreement