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, PRPP, LIRA, life annuity, or prescribed RIF. 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 governs the property; and (c) 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. Where property is being transferred to a prescribed RIF, the Annuitant’s Spouse must provide a consent or waiver in the form and manner required by Pension Legislation.

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, PRPP, a LIRA, a life annuity, or a prescribed RIF. 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 governs the property; and (c) 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. Where property is being transferred to a prescribed RIF, the Annuitant’s Spouse must provide a consent or waiver in the form and manner required by Pension Legislation.