Purchase of Annuities Sample Clauses

Purchase of Annuities. 26.1 The Trustees may at their discretion instead of providing the whole or any part of any entitlement or prospective entitlement to benefits under the Scheme apply an amount not exceeding the value as determined by the the Trustees on the advice of the Actuary of such benefits in the purchase of an insurance policy or annuity contract in accordance with the provisions of this Rule. 26.2 Any arrangement to purchase a policy or contract in accordance with the provisions of this Rule shall not be made except 26.2.1 with the written consent or at the written request of the Member; or 26.2.2 if the Member is dead, with the written consent or at the written request of his spouse or, where the benefit is payable to a person other than the spouse, with the written consent or at the written request of that person and any such policy or contract may be effected with an Insurance Office chosen by the Member or other person concerned. 26.3 Any such policy or contract may with the Member's consent provide benefits being relevant benefits within the meaning of Section 612(l) of the Taxes Act different from the benefits otherwise payable under the Scheme and payable to persons other than those persons to whom benefits are payable under the Scheme provided that Approval would not be prejudiced. 26.4 Any such policy or contract shall satisfy the requirements of Section 19 of the Pension Schemes Act. 26.5 Any purchase of a policy or contract which includes the transfer of accrued rights to guaranteed minimum pensions or the liability for payment of guaranteed minimum pensions or Section 9(2B) Rights shall be subject to the terms of paragraph 3 of Section D of the Contracting-out Rules. 26.6 The Trustees may, subject to the Member's consent, purchase more than one such policy or contract from one or more Insurance Offices to provide benefits as aforesaid in a manner acceptable to the Board of Inland Revenue. 26.7 Any such policy or contract shall be issued to the Member or other person or to a trustee or trustees of a trust for the benefit of the Member or such other person or be issued to the Trustees and assigned to any such person or to the trustee or trustees of a trust for the benefit of the same. 26.8 Any such policy or contract may be used to provide such benefits at the maturity of the policy as the Member shall then decide and the policy shall permit, but subject to sub-Rule 26. 26.9 The purchase of any policy or contract in accordance with the provisions of this ...
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Purchase of Annuities. 2 2.02 Report of Annuities.................................................... 2
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Purchase of Annuities. Annuities may be purchased under this Contract prior to the Discontinuance Date.
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Purchase of Annuities. The entity that is the Plan sponsor as of the date the Settlement Agreement is fully executed shall on the first Business Day thereafter cause the Plan to purchase insurance company annuities for Participants whose retirement from the Company became effective before October 29, 1992 and who terminated service with the Company before October 29, 1992 (provided that the number of retirements effective between September 18, 1992 and October 29, 1992, including without limitation retirements of Disability Participants under the next sentence, shall not exceed 60 participants under the Plan). In the event that the disability retirement date of certain Participants ("Disability Participants") is determined to have been effective before October 29, 1992, the Plan sponsor at the time that determination is made shall, as soon as practicable after receiving notice of such determination from the Association, cause the Plan to transfer assets to an insurance company to purchase insurance company annuities for Disability Participants who terminated service with the Company before October 29, 1992, subject, however, to the limitations applicable under the preceding sentence with respect to retirements effective between September 18, 1992 and October 29, 1992.
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Purchase of Annuities 
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Related to Purchase of Annuities

  • INSTRUCTIONS FOR COMPLETING REPAYMENT ELECTION FORM AND EXERCISING REPAYMENT OPTION Capitalized terms used and not defined herein have the meanings defined in the accompanying Repayment Election Form.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Annuity 24.1 If the policy schedule states that the insured amount is a surviving dependant's annuity within the meaning of Section 3.125(1)(b) of the Income Tax Act 2001, this article shall apply. a. The entitlement to an annuity payment cannot be surrendered, disposed of, divulged or used as security and, in general, no legal action can be taken with regard to this insurance that may lead the tax authorities to take back the premium deduction they received for this insurance in the past. b. The insurer shall be held liable by law for the payment of the wage and income tax and revision interest owed by the policyholder or the person entitled to an annuity as soon as a circumstance referred to under point a arises. c. The insurer will then be entitled to set off the amount of the maximum wage and income tax and revision interest due against the value of the insured annuity(s), irrespective of whether these are paid out or not.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Annuities 1. Changing amount(s) of existing annuity(ies) requires written notice of fifteen (15) weekdays, excluding holidays. 2. Adding a new annuity not currently on the computer requires written notice of twenty (20) weekdays, excluding holidays. 3. The Board has the option to drop an annuity that has been inactive for twelve (12) months. 4. The number of annuities offered shall be limited to the capacity of the current computer program.

  • Payment Options The exercise price shall be paid by one or any combination of the following forms of payment that are applicable to this option, as indicated on the cover page hereof: (i) by check payable to the order of the Company; or (ii) delivery of an irrevocable and unconditional undertaking, satisfactory in form and substance to the Company, by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Optionee to the Company of a copy of irrevocable and unconditional instructions, satisfactory in form and substance to the Company, to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price; or (iii) subject to Section 7(b) below, if the Common Stock is then traded on a national securities exchange or on the Nasdaq National Market (or successor trading system), by delivery of shares of Common Stock having a fair market value equal as of the date of exercise to the option price. In the case of (iii) above, fair market value as of the date of exercise shall be determined as of the last business day for which such prices or quotes are available prior to the date of exercise and shall mean (i) the last reported sale price (on that date) of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on the Nasdaq National Market (or successor trading system), if the Common Stock is not then traded on a national securities exchange.

  • ANNUITY PROVISIONS Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.

  • ANNUITY PAYMENTS If the Proceeds are less than $2,000 on the Maturity Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, the Proceeds in one lump sum payment as directed by you and this Contract will have no further value. If the Proceeds are equal to or greater than $2,000 on the Maturity Date as shown on the first page of this Contract and an Annuitant is living on the Maturity Date, we will begin making Annuity Payments as described below. We will make Annuity Payments beginning on the Maturity Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. However, requests for periodic payments other than monthly, quarterly, semi-annually or annually require our consent. If the day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day. The amount applied to an Annuity Plan will be the Proceeds, less any applicable premium tax, which will determine the Annuity Payment under the Annuity Plan you have elected. Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20. We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005. You may elect any of the Annuity Plans described below. In addition, you may elect any other Annuity Plan we may be offering on the Maturity Date. You may change the Annuity Plan you have elected at any time before the Maturity Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election. If you do not elect an Annuity Plan by the Maturity Date, payments, calculated based on the oldest Annuitant's life, will be made to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law. IU-IA-3089 Your election of an Annuity Plan is subject to the following additional terms and conditions: (1) If you do not direct us otherwise, Annuity Payments will be paid to you.

  • Qualified Joint and Survivor Annuity Unless an optional form of benefit is selected pursuant to a qualified election within the 90-day period ending on the annuity starting date, a married Participant's Vested account balance will be paid in the form of a qualified joint and survivor annuity and an unmarried Participant's Vested account balance will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest retirement age under the Plan.

  • Tax Sheltered Annuities The SPS shall continue to comply with the law(s) regarding Tax Sheltered Annuities.

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