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, an LRSP, a LIF, an RLIF, or a life annuity, including an equivalent vehicle governed by provincial pension legislation. 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 the 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 Pension Legislation, the Trustee will provide or ensure the provision of the pension benefit credit equal to the pension benefit credit that was paid out.

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, an LRSP, a LIFRLSP, an RLIF, RLIF or a life annuity, including an equivalent vehicle governed by provincial pension legislation. 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 the 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 Pension Legislation, the Trustee will provide or ensure the provision of the pension benefit credit equal to the pension benefit credit that was paid out.

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, an LRSP, a LIFRLSP, an RLIF, RLIF or a life annuity, including an equivalent vehicle governed by provincial pension legislation. 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 locked-­‐in status of the property being transferred and the 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 Pension Legislation, the Trustee will provide or ensure the provision of the pension benefit credit equal to the pension benefit credit that was paid out.