Common use of Transfers from the Plan Clause in Contracts

Transfers from the Plan. Subject to any restrictions imposed by the Income Tax Act, the property of the Plan may be transferred to the issuer of an RPP, LIRA, LIF, or life annuity. Where the Plan holds identifiable and transferable securities, the transfer or purchase may, unless otherwise stipulated, at the option of the Trustee and with the consent of the Annuitant, be effected by remittance of the investment securities of the Plan. Before transferring property of the Plan, the Trustee will: (a) write to the issuer of the recipient plan to notify it of the locked-in status of the property being transferred and Pension Legislation that governs the property; and (b) not permit the transfer unless the issuer of the recipient plan agrees to administer the transferred property according to Pension Legislation. If the Trustee does not comply with the above, and the issuer of the recipient plan fails to pay the money transferred in the form of a pension or in the manner required by the Pension Legislation, the Trustee will provide or ensure the provision of the pension in a manner and in an amount that would have been provided had such property not been paid out.

Transfers from the Plan. Subject to any restrictions imposed by the Income Tax Act, the property of the Plan may be transferred to the issuer of an RPP, LIRA, LIFLIF established under Schedule 1.1, or life annuity. Where the Plan holds identifiable and transferable securities, the transfer or purchase may, unless otherwise stipulated, at the option of the Trustee and with the consent of the Annuitant, be effected by remittance of the investment securities of the Plan. Before transferring property of the Plan, the Trustee will: (a) confirm that the transfer is permitted under Pension Legislation and the Act; (b) write to the issuer of the recipient plan to notify it of the locked-in status of the property being transferred and Pension Legislation the pension legislation that governs the property; and (bc) not permit the transfer unless the issuer of the recipient plan agrees to administer the transferred property according to Pension Legislation. If the Trustee does not comply with the above, and the issuer of the recipient plan fails to pay the money transferred in the form of a pension or in the manner required by the Pension Legislation, the Trustee will provide or ensure the provision of the pension in a manner and in an amount benefit credit equal to the pension benefit credit that would have been provided had such property not been was paid out. If the Plan holds identifiable and transferable securities, the transfer or purchase referred to in paragraphs 10 and 11 may, unless otherwise stipulated, at the option of the issuer of the recipient plan and with the consent of the owner, be effected by remittance of the investment securities of the Plan. The Trustee will make the transfer within 30 days of the later of the receipt from the Annuitant of the properly documented transfer request and the maturity of the investment to be transferred.

Transfers from the Plan. Subject to any restrictions imposed by the Income Tax Act, the property of the Plan may be transferred to the issuer of an RPP, LIRA, LIF, LRIF or life annuity. Where the Plan holds identifiable and transferable securities, the transfer or purchase may, unless otherwise stipulated, at the option of the Trustee and with the consent of the Annuitant, be effected by remittance of the investment securities of the Plan. Before transferring property of the Plan, the Trustee will: (a) confirm that the transfer is permitted under Pension Legislation and the Act; (b) write to the issuer of the recipient plan to notify it of the locked-in status of the property being transferred and Pension Legislation the pension legislation that governs the property; and (bc) not permit the transfer unless the issuer of the recipient plan agrees to administer the transferred property according to Pension Legislation. If the Trustee does not comply with the above, and the issuer of the recipient plan fails to pay the money transferred in the form of a pension or in the manner required by the Pension Legislation, the Trustee will provide or ensure the provision of the pension in a manner and in an amount benefit credit equal to the pension benefit credit that would have been provided had such property not been was paid out. If the Plan holds identifiable and transferable securities, the transfer or purchase referred to in paragraphs 10 and 11 may, unless otherwise stipulated, at the option of the issuer of the recipient plan and with the consent of the owner, be effected by remittance of the investment securities of the Plan. The Trustee will make the transfer within 30 days of the later of the receipt from the Annuitant of the properly documented transfer request and the maturity of the investment to be transferred.