Common use of Transfers from the Plan Clause in Contracts

Transfers from the Plan. Subject to any restrictions imposed by the Act, the property of the Plan may be transferred to the issuer of an RPP, LIRA, a LIF, or a life annuity. 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 that Pension Legislation governs the property; (b) not permit the transfer unless the issuer of the recipient plan agrees to administer the transferred property according to Pension Legislation; (c) confirm that the issuer of the recipient plan is on the list of financial institutions maintained by the Superintendent of Pensions of New Brunswick; and (d) confirm that the recipient plan is on the list of LIRAs or LIFs maintained by the Superintendent of Pensions of New Brunswick. 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 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. 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 Act, the property of the Plan may be transferred to the issuer of an RPP, LIRA, a LIF, LRIF or a life annuity. 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 the pension legislation that Pension Legislation governs the property; (bc) not permit the transfer unless the issuer of the recipient plan agrees to administer the transferred property according to Pension Legislation; (cd) confirm that the issuer of the recipient plan is on the list of financial institutions maintained by the Superintendent of Pensions of New BrunswickNewfoundland & Labrador; and (de) confirm that the recipient plan is on the list of LIRAs LIRAs, LIFs or LIFs LRIFs, maintained by the Superintendent of Pensions of New BrunswickNewfoundland & Labrador. 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 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. If the Plan holds identifiable and transferable securitiesWhere property is being transferred to a LIF or an LRIF, the transfer Annuitant’s Spouse must provide a consent or purchase referred to waiver in paragraphs 10 the form 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 manner required by remittance of the investment securities of the PlanPension Legislation. 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.