Common use of Transfers from the Fund Clause in Contracts

Transfers from the Fund. Subject to any restrictions imposed by the Act and by Pension Legislation, and after payment to the Annuitant of the minimum amount for the year, the property of the Fund may be transferred to a LIF established under Schedule 1.1 or used to purchase a life annuity in accordance with paragraph 60(l) of the Act. Before transferring property of the Fund, the Trustee will:

Transfers from the Fund. Subject to any restrictions imposed by the Act and by Pension Legislation, and after payment to the Annuitant of the minimum amount for the year, the property of the Fund may be transferred to a LIRA, a LIF established under Schedule 1.1 or an LRIF, or used to purchase a life annuity in accordance with paragraph 60(l) of the Act. Before transferring property of the Fund, the Trustee will: