Common use of Verifications Prior to Transfers Clause in Contracts

Verifications Prior to Transfers. In the event of a transfer of monies held in the SSQ LRIF, SSQ will ensure that the transfer is permitted under the applicable pension legislation. Before proceeding to transfer contributions from an SSQ LRIF to another financial institution, SSQ must first ensure, if stipulated under applicable pension legislation, that the name and specimen number of the destination plan of the other institution is included on the list of the regulatory body monitoring your plan. Before proceeding to transfer contributions from an SSQ LRIF to a transferee pension plan, SSQ must first ensure, if stipulated under applicable pension legislation, that the pension plan is registered under the applicable pension legislation. If it has been provided for, SSQ must also notify in writing said other financial institution or pension plan administrator that the contributions must remain locked in and ensure that the other financial institution accepting the transfer is subject to the legal conditions set out in applicable pension legislation. If SSQ fails to fulfil these obligations with respect to the transfer, and if the other financial institution does not pay the income or the annuity in the manner and according to the terms prescribed under this legislation, SSQ must pay, or guarantee payment of, an income or an annuity of a value equal to that which would have been provided, were it not for the benefits paid in contravention of applicable pension legislation.

Verifications Prior to Transfers. In the event of a transfer of monies held in the SSQ LRIFLIRA, SSQ will ensure that the transfer is permitted under the applicable pension legislation. Before proceeding to transfer contributions from an SSQ LRIF LIRA to another financial institution, SSQ must first ensure, if stipulated under applicable pension legislation, that the name and specimen number of the destination plan of the other institution is included on the list of the regulatory body monitoring your plan. Before proceeding to transfer contributions from an SSQ LRIF LIRA to a transferee pension plan, SSQ must first ensure, if stipulated under applicable pension legislation, that the pension plan is registered under the applicable pension legislation. If it has been provided for, SSQ must also notify in writing said other financial institution or pension plan administrator that the contributions must remain locked in and ensure that the other financial institution accepting the transfer is subject to the legal conditions set out in applicable pension legislation. If SSQ fails to fulfil these obligations with respect to the transfer, SSQ may have to fund the recipient vehicle (again if need be) to ensure that those entitled to the benefits of the recipient vehicle receive them in the form and manner required under applicable pension legislation. If SSQ fails to fulfil these obligations with respect to the transfer, and if the other financial institution does not pay the income or the annuity in the manner and according to the terms prescribed under this legislation, SSQ must pay, or guarantee payment of, an income or an annuity of a value equal to that which would have been provided, were it not for the benefits paid in contravention of applicable pension legislation.

Verifications Prior to Transfers. In the event of a transfer of monies held in the SSQ LRIFPRRIF, SSQ will ensure that the transfer is permitted under the applicable pension legislation. Before proceeding to transfer contributions from an SSQ LRIF PRRIF to another financial institution, SSQ must first ensure, if stipulated under applicable pension legislation, that the name and specimen number of the destination plan of the other institution is included on the list of the regulatory body monitoring your plan. Before proceeding to transfer contributions from an SSQ LRIF PRRIF to a transferee pension plan, SSQ must first ensure, if stipulated under applicable pension legislation, that the pension plan is registered under the applicable pension legislation. If it has been provided for, SSQ must also notify in writing said other financial institution or pension plan administrator that the assets were held in an PRRIF in the current year and that the contributions must remain locked in and ensure that the other financial institution accepting the transfer is subject to the legal conditions set out in applicable pension legislation. If SSQ fails to fulfil these obligations with respect to the transfer, and if the other financial institution does not pay the income or the annuity in the manner and according to the terms prescribed under this legislation, SSQ must pay, or guarantee payment of, an income or an annuity of a value equal to that which would have been provided, were it not for the benefits paid in contravention of applicable pension legislation.

Verifications Prior to Transfers. In the event of a transfer of monies held in the SSQ LRIFLIF, SSQ will ensure that the transfer is permitted under the applicable pension legislation. Before proceeding to transfer contributions from an SSQ LRIF LIF to another financial institution, SSQ must first ensure, if stipulated under applicable pension legislation, that the name and specimen number of the destination plan of the other institution is included on the list of the regulatory body monitoring your plan. Before proceeding to transfer contributions from an SSQ LRIF LIF to a transferee pension plan, SSQ must first ensure, if stipulated under applicable pension legislation, that the pension plan is registered under the applicable pension legislation. If it has been provided for, SSQ must also notify in writing said other financial institution or pension plan administrator that the assets were held in an LIF in the current year and that the contributions must remain locked in and ensure that the other financial institution accepting the transfer is subject to the legal conditions set out in applicable pension legislation. If SSQ fails to fulfil these obligations with respect to the transfer, SSQ may have to fund the recipient vehicle (again if need be) to ensure that those entitled to the benefits of the recipient vehicle receive them in the form and manner required under applicable pension legislation. If SSQ fails to fulfil these obligations with respect to the transfer, and if the other financial institution does not pay the income or the annuity in the manner and according to the terms prescribed under this legislation, SSQ must pay, or guarantee payment of, an income or an annuity of a value equal to that which would have been provided, were it not for the benefits paid in contravention of applicable pension legislation.