Redemption Depending on Age of Contractholder and Value Sample Clauses

Redemption Depending on Age of Contractholder and Value of Contract Associated with SSQ LIF Plan In Quebec, if the contractholder is at least age 65 at the end of the year preceding his request; in Ontario, if the contractholder is at least age 55; in Newfoundland and Labrador, if the contractholder has reached the earlier of age 55 and the earliest date on which the contractholder would have been entitled to receive a pension benefit under the plan from whichmoneywastransferred; andin Nova Scotia and British Columbia, if the contractholder is at least age 65, he may request redemption of the whole value of the contract associated with the SSQ LIF plan in accordance with the applicable pension legislation and request that this value be paid in a lump sum or in Nova Scotia and Ontario request that the money be transferred to the contractholder’s RRSP or RRIF, if the aggregate value of all retirement savings arrangements prescribed under the applicable legislation (locked-in money), (in British Columbia, the value of each retirement savings arrangement prescribed under the applicable legislation) that is certain RPPs (only in Quebec), defined contribution pension plan subject to pension legislation (in Nova Scotia and British Columbia), LIRAs, Ontario-LIRAs, LRSPs, LRIFs, and LIFs, if available in the province, do not exceed 40% (50% in Nova Scotia) of the Year’s Maximum Pensionable Earnings (YMPE) under the Canada Pension Plan (CPP) for the calendar year in which the application is made or, in Quebec, 40% of the Maximum Pensionable Earnings (MPE) determined in accordance with the Act respecting the Quebec Pension Plan (QPP) for the calendar year in which the request is made. The RPPs in reference to Quebec are the Defined-Contribution Retirement Plan, Defined-Benefit Plan or Defined-Contribution and Defined-Benefit Plan, in application of provisions identical to those of a Defined- Contribution Plan. In Alberta, if the contractholder has attained the age of 65 years at the time of his request, he may request redemption of the whole value of the contract associated with the SSQ LIF in accordance with the applicable pension legislation and request that this value be paid in a lump sum, if this value does not exceed 40% of the Year’s Maximum Pensionable Earnings (YMPE) for the year in which the application is made. In Manitoba, if the member is aged 65 or over at the time of his/her request, he/she may redeem the total value of the contract associated with the SSQ LIRA in compliance with the applicable legislation,...
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Related to Redemption Depending on Age of Contractholder and Value

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