Retirement Income. The whole of the Fund shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. The Annuitant will, upon 90 days’ written notice to the Trustee, specify the date for the commencement of retirement income, which date shall not be later than the end of the calendar year in which the Annuitant attains age 71 (such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income for the Annuitant in accordance with the terms hereinafter set out, or to amend the Plan in order to permit the transfer of the value of such account to the carrier of the registered retirement income fund of the Annuitant. Any retirement income purchased by the Trustee shall, at the option of the Annuitant, be: (a) an annuity payable to the Annuitant for the Annuitant’s life or if the Annuitant so designates to the Annuitant for the lives jointly of the Annuitant and the Annuitant’s Spouse and to the survivor of them for his or her life commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so acquired: (i) may be integrated with the Old Age Security Pension; (ii) may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity; (iii) shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments; (iv) shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation; (v) shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death; (vi) shall by its terms not be capable either in whole or in part of assignment if payable to the Annuitant or his/her Spouse; (vii) shall provide for commutation if such annuity would otherwise become payable to a person other than the Spouse of the Annuitant on or after the death of the Annuitant; or, (b) a registered retirement income fund subject to the rules specified in the Applicable Tax Legislation. If the Annuitant fails to notify the Trustee at least 60 days’ prior to the end of the calendar year in which the Annuitant attains age 71, the Trustee will liquidate the assets in the Plan and, subject to the requirements of the Applicable Tax Legislation, may hold such proceeds in a non-registered interest-bearing deposit account with the Trustee on behalf of the Annuitant. The Annuitant shall be responsible for all reasonable expenses of administration charged by the Trustee.
Appears in 3 contracts
Samples: Client Agreement, Securities Dealer and Investment Advisor Agreement, Investment Advisory Agreement
Retirement Income. The whole of the Fund shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. The Annuitant will, upon 90 days’ written notice to the Trustee, specify the date for the commencement of retirement income, which date shall not be later than the end of the calendar year in which the Annuitant attains age 71 (such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income for the Annuitant in accordance with the terms hereinafter set out, or to amend the Plan in order to permit the transfer of the value of such account to the carrier of the registered retirement income fund of the Annuitant. Any retirement income purchased by the Trustee shall, at the option of the Annuitant, be:
(a) an annuity payable to the Annuitant for the Annuitant’s life or if the Annuitant so designates to the Annuitant for the lives jointly of the Annuitant and the Annuitant’s Spouse and to the survivor of them for his or her life commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so acquired:
(i) may be integrated with the Old Age Security Pension;
(ii) may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
(iii) shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments;
(iv) shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation;
(v) shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death;
(vi) shall by its terms not be capable either in whole or in part of assignment if payable to the Annuitant or his/her Spouse;
(vii) shall provide for commutation if such annuity would otherwise become payable to a person other than the Spouse of the Annuitant on or after the death of the Annuitant; or,
(b) a registered retirement income fund subject to the rules specified in the Applicable Tax Legislation. If the Annuitant fails to notify the Trustee at least 60 days’ prior to the end of the calendar year in which the Annuitant attains age 71, the Trustee will liquidate the assets in the Plan and, subject to the requirements of the Applicable Tax Legislationt he A ppl i c abl e T ax Legi s l at i on , may hold such ma y hol d s u c h proceeds in a non-registered interest-bearing deposit account with the Trustee on behalf of the Annuitant. The Annuitant shall be responsible for all reasonable expenses of administration charged by the Trustee.
Appears in 2 contracts
Retirement Income. The whole of the Fund shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. The Annuitant willshall, upon at least 90 days’ written notice to the Agent on behalf of the Trustee, or upon such shorter period of notice as the Trustee may in its sole discretion permit, specify the date for form of Retirement Income to be provided under Applicable Laws. Upon receiving such instructions, the commencement of retirement income, which date Agent shall not be later than the end of the calendar year in which the Annuitant attains age 71 (purchase such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income Retirement Income for the Annuitant in accordance with the terms hereinafter set outand, or to amend the Plan in order to permit the transfer of the value of such account to the carrier of the registered retirement income fund of the Annuitant. Any retirement income purchased by the Trustee shall, at the option of the Annuitant, be:
(a) an annuity payable to where the Annuitant so elects in writing, for the Annuitant’s life or if Spouse after the death of the Annuitant so designates (whereupon references to the Annuitant for the lives jointly of the Annuitant and herein shall include the Annuitant’s Spouse and Spouse). The Plan shall mature on the Maturity Date. Except as otherwise permitted under Applicable Laws from time to time, any annuity purchased as a Retirement Income by the survivor of them for his or her life commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so acquiredAnnuitant must:
(ia) may be integrated with the Old Age Security Pension;
(ii) may be increased payable in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
(iii) shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments;
(iv) shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any during its term until such time as there is a payment in full or partial commutationcommutation of the Retirement Income and, where such commutation is partial, equal, annual or more frequent periodic payments thereafter;
(vb) shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death;
(vi) shall by its terms not be capable either of assignment in whole or in part of assignment if payable to the Annuitant or his/her Spousepart;
(viic) shall provide for require the commutation if such of each annuity payable under the arrangement that would otherwise become payable to a person other than the Annuitant or the Annuitant’s Spouse under that arrangement;
d) if the Annuitant selects an annuity with a guaranteed term, the term cannot exceed a term of years equal to 90 minus the Annuitant’s age in whole years at the Maturity Date or if the Annuitant so elects and the Annuitant’s Spouse is younger than the Annuitant, the age in whole years of the Annuitant on Annuitant’s Spouse at the Maturity Date; and the elections or designations as referred to herein.
e) not provide for the aggregate of the periodic payments made in a year after the death of the Annuitant; or,
(b) a registered retirement income fund subject first Annuitant to exceed the rules specified in the Applicable Tax Legislation. If the Annuitant fails to notify the Trustee at least 60 days’ prior to the end aggregate of the calendar year in which the Annuitant attains age 71, the Trustee will liquidate the assets in the Plan and, subject to the requirements of the Applicable Tax Legislation, may hold such proceeds payments made in a non-registered interest-bearing deposit account with the Trustee on behalf of the Annuitant. The Annuitant shall be responsible for all reasonable expenses of administration charged by the Trusteeyear before that Xxxxxxxxx’s death.
Appears in 1 contract
Samples: Terms and Conditions
Retirement Income. The whole of the Fund shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. The Annuitant will, upon 90 days’ written notice to the Trustee, specify the date for the commencement of retirement income, which date shall not be later than the end of the calendar year in which the Annuitant attains age 71 (such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income for the Annuitant in accordance with the terms hereinafter set out, or to amend the Plan in order to permit the transfer of the value of such account to the carrier of the registered retirement income fund of the Annuitant. Any retirement income purchased by the Trustee shall, at the option of the Annuitant, be:
(a) an annuity payable to the Annuitant for the Annuitant’s life or if the Annuitant so designates to the Annuitant for the lives jointly of the Annuitant and the Annuitant’s Spouse and to the survivor of them for his or her life commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so acquired:
(i) may be integrated with the Old Age Security Pension;
(ii) may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
(iii) shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments;
(iv) shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation;
(v) shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death;
(vi) shall by its terms not be capable either in whole or in part of assignment if payable to the Annuitant or his/her Spouse;
(vii) shall provide for commutation if such annuity would otherwise become payable to a person other than the Spouse of the Annuitant on or after the death of the Annuitant; or,
(b) a registered retirement income fund subject to the rules specified in the Applicable Tax Legislation. If the Annuitant fails to notify the Trustee at least 60 days’ prior to the end of the calendar year in which the Annuitant attains age 71, the Trustee will liquidate the assets in the Plan and, subject to the requirements of the Applicable Tax Legislationt he A ppl i c abl e T ax Legi s l at i on , may hold such m ay hol d s u c h proceeds in a non-registered interest-bearing deposit account with the Trustee on behalf of the Annuitant. The Annuitant shall be responsible for all reasonable expenses of administration charged by the Trustee.
Appears in 1 contract
Samples: Client Account Agreement
Retirement Income. The whole of the Fund shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. The Annuitant willshall, upon at least 90 days’ written notice to the Agent on behalf of the Trustee, or upon such shorter period of notice as the Trustee may in its sole discretion permit, specify the date for form of Retirement Income to be provided under Applicable Laws. Upon receiving such instructions, the commencement of retirement income, which date Agent shall not be later than the end of the calendar year in which the Annuitant attains age 71 (purchase such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income Retirement Income for the Annuitant and, where the Annuitant so elects in accordance with writing, for the terms hereinafter set out, or to amend Annuitant’s Spouse after the Plan in order to permit the transfer death of the value of such account Annuitant (whereupon references to the carrier of the registered retirement income fund of Annuitant herein shall include the Annuitant’s Spouse). Any retirement income The Plan shall mature on the Maturity Date. Except as otherwise permitted under Applicable Laws from time to time, any annuity purchased as a Retirement Income by the Trustee shall, at the option of the Annuitant, beAnnuitant must:
(a) an annuity be payable to the Annuitant for the Annuitant’s life or if the Annuitant so designates to the Annuitant for the lives jointly of the Annuitant and the Annuitant’s Spouse and to the survivor of them for his or her life commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified in subsection 146(1) of the Act. Any annuity so acquired:
(i) may be integrated with the Old Age Security Pension;
(ii) may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
(iii) shall, unless established as a variable annuity in accordance with subsection 146(3) of the Act, pay equal annual or more frequent periodic payments;
(iv) shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any during its term until such time as there is a payment in full or partial commutationcommutation of the Retirement Income and, where such commutation is partial, equal, annual or more frequent periodic payments thereafter;
(vb) shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death;
(vi) shall by its terms not be capable either of assignment in whole or in part of assignment if payable to the Annuitant or his/her Spousepart;
(viic) shall provide for require the commutation if such of each annuity payable under the arrangement that would otherwise become payable to a person other than the Annuitant or the Annuitant’s Spouse under that arrangement;
(d) if the Annuitant selects an annuity with a guaranteed term, the term cannot exceed a term of years equal to 90 minus the Annuitant’s age in whole years at the Maturity Date or if the Annuitant so elects and the Annuitant’s Spouse is younger than the Annuitant, the age in whole years of the Annuitant on or Annuitant’s Spouse at the Maturity Date; and
(e) not provide for the aggregate of the periodic payments made in a year after the death of the Annuitant; or,
(b) a registered retirement income fund subject first Annuitant to exceed the rules specified in the Applicable Tax Legislation. If the Annuitant fails to notify the Trustee at least 60 days’ prior to the end aggregate of the calendar year in which the Annuitant attains age 71, the Trustee will liquidate the assets in the Plan and, subject to the requirements of the Applicable Tax Legislation, may hold such proceeds payments made in a non-registered interest-bearing deposit account with the Trustee on behalf of the Annuitant. The Annuitant shall be responsible for all reasonable expenses of administration charged by the Trusteeyear before that Xxxxxxxxx’s death.
Appears in 1 contract
Samples: Terms and Conditions
Retirement Income. a. The whole value of the Fund plans maintained by the Trustee for the Annuitant shall be invested, used and applied by the Trustee for the purposes of providing a retirement income. income to the Annuitant in accordance with subsection 146(1) of the Act.
b. The Annuitant will, upon 90 days’ days written notice to the Trustee, specify the date for the commencement of a retirement income, which date shall not be later than the end of the calendar year in which the Annuitant attains age 71 71, or such other age as prescribed by the Act (such date being referred to herein as “maturity”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct the Trustee to liquidate the assets in the Plan and apply the proceeds for the provision of a retirement income for the Annuitant in accordance with the terms hereinafter set out, or to amend the Plan in order to permit the transfer of the value of such account to the carrier of the registered retirement income fund of the Annuitant. .
c. Any retirement income purchased by the Trustee shall, at the option of the Annuitant, be:
(a) i. an annuity payable to the Annuitant for the Annuitant’s life or (or, if the Annuitant so designates designates, to the Annuitant for the lives jointly of the Annuitant and the Annuitant’s Spouse spouse or common-law partner and to the survivor of them for his or her life life) commencing at maturity and with or without a guaranteed term not exceeding such period of time as specified calculated in subsection 146(1accordance with the formula set out in paragraph (ii) immediately below;
ii. an annuity commencing at maturity payable to the Annuitant, or to the Annuitant for his life and to his spouse or common-law partner after his death, for a term of years equal to 90 minus either the age in whole years of the ActAnnuitant at the maturity of the Plan, or, where the Annuitant’s spouse or common-law partner is younger than the Annuitant and the Annuitant so elects, the age in whole years of the Annuitant’s spouse or common-law partner at the maturity of the Plan; or
iii. Any a Registered Retirement Income Fund established in accordance with the provisions of the Act and regulations there under and any successor legislation or regulations
d. Except as otherwise provided or permitted under the Applicable Tax Legislation, any annuity so acquiredacquired shall pay equal annual or more frequent periodic payments that:
(i) i. may be integrated with the Old Age Security Pension;
(ii) . may be increased in whole or in part in accordance with the Consumer Price Index or at such other rate not exceeding 4% per annum as may be specified under the terms of such annuity;
iii. are (iii1) shallfixed, unless established as a variable annuity or (2) varied in accordance with subsection 146(3) the earnings of the Act, pay equal annual or more frequent periodic paymentsinvested amount;
(iv) . shall provide for full or partial commutation and shall provide for equal annual or more frequent periodic payments following any partial commutation;
(v) v. shall not provide for the aggregate of the periodic payments in a year after the death of the Annuitant to exceed the aggregate of the payments in a year before the Annuitant’s death;
(vi) . shall by its terms not be capable either in whole or in part of assignment if payable to the Annuitant or his/her Spouse;his spouse or common- law partner; and
(vii) . shall provide for commutation if such annuity would otherwise become payable to a person other than the Spouse spouse or common- law partner of the Annuitant on or after the death of the Annuitant; or,.
(b) a registered retirement income fund subject to the rules specified in the Applicable Tax Legislation. e. If the Annuitant fails to notify the Trustee at least 60 days’ days prior to the end of the calendar year in which the Annuitant attains age 71Plan reaches maturity, the Trustee will may, at its sole discretion,
i. liquidate the assets in the Plan andand pay the proceeds of such liquidation, or distribute the assets in the Plan, to the Annuitant, subject to any required withholding there from; or
ii. purchase for the Annuitant a retirement income subject to the requirements of the Applicable Tax Legislation, may hold such proceeds in a non-registered interest-bearing deposit account with the Trustee on behalf of the Annuitant. The Annuitant shall be responsible for all reasonable expenses of administration charged by the TrusteePlan.
Appears in 1 contract
Samples: Client Agreement