Common use of Small Plans Clause in Contracts

Small Plans. Age 55 or Over: You may apply to Us, to either withdraw all of the Locked-In Funds or transfer all of the Locked-In Funds to an RRSP or to an RRIF, if at the time the Application is signed by You: i) You are at least 55 years of age; and ii) the total value of all LIRAs, Old LIFs, New LIFs and LRIFs owned by You is less than 40% of the Year's Maximum Pensionable Earnings for the current Year (that value is to be determined in accordance with the most recent fund or account statement given to You, provided that statement is dated within the year prior to the date You sign the Application).

Small Plans. Age 55 or Over: You may apply to Us, to either withdraw all of the Locked-In Funds or transfer all of the Locked-In Funds to an RRSP or to an RRIF, if at the time the Application is signed by You: i) You are at least 55 years of age; and ii) the total value of all LIRAs, Old LIFs, New LIFs LIFs, and LRIFs owned by You is less than 40% of the Year's ’s Maximum Pensionable Earnings for the current Year Year, (that value is to be determined in accordance with the most recent fund or account statement given to You, provided that statement is dated within the year prior to the date You sign the Application).