Common use of Withdrawal of Small Amount Clause in Contracts

Withdrawal of Small Amount. The Annuitant may withdraw in a lump sum payment equal to the value of the entire Account, upon application by the Annuitant to the Trustee in accordance with sections 4 and 5 of the Directive, if the following conditions are met: i) the value of all assets in all LIFs, LRIFs and LIRAs owned by the Annuitant and governed by Newfoundland pension benefits legislation is less than 10% of the year’s maximum pensionable earnings under the Canada Pension Plan for that calendar year; or ii) the Annuitant has reached the earlier of age 55 or the earliest date on which the Annuitant would have been entitled to receive a pension benefit under the plan from which money was transferred, and the value of the Annuitant’s assets in all LIFs, LRIFs and LIRAs governed by Newfoundland pension benefits legislation is less than 40% of the year’s maximum pensionable earnings under the Canada Pension Plan for that calendar year; and iii) the application shall be made on a form approved by the Superintendent; and iv) if the Annuitant is a former member of a pension plan, such application shall be accompanied by waiver by Spouse of the Annuitant of the joint and survivor pension entitlement in the form and manner required by the Superintendent. The Trustee may rely upon the information provided by the Annuitant in any application made pursuant to this Section 12 and such application shall constitute sufficient authorization to the Trustee to pay the Annuitant from the Account in accordance thereof. The Trustee shall make the payment within a reasonable time of receipt by the Trustee of a completed application form and accompanying documentation.

Withdrawal of Small Amount. The Annuitant may withdraw in a lump sum payment equal to the value of the entire AccountFund, upon application by the Annuitant to the Trustee in accordance with sections 4 10 and 5 11 of the Directive, if the following conditions are met: i) the value of all assets in all LIFs, LRIFs and LIRAs owned by the Annuitant and governed by Newfoundland pension benefits legislation is less than 10% of the year’s maximum pensionable earnings under the Canada Pension Plan for that calendar year; or ii) the Annuitant has reached the earlier of age 55 or the earliest date on which the Annuitant would have been entitled to receive a pension benefit under the plan from which money was transferred, and the value of the Annuitant’s assets in all LIFs, LRIFs and LIRAs governed by Newfoundland pension benefits legislation is less than 40% of the year’s maximum pensionable earnings under the Canada Pension Plan for that calendar year; and iii) the in either case, such application shall be made on a form approved by the Superintendent; and iv) , and if the Annuitant is a former member of a pension plan, such application shall be accompanied by waiver by Spouse of the Annuitant of the joint and survivor pension entitlement in the form and manner required by the Superintendent. The Trustee may rely upon the information provided by the Annuitant in any application made pursuant to this Section 12 8 and such application shall constitute sufficient authorization to the Trustee to pay the Annuitant from the Account Fund in accordance thereof. The Trustee shall make the payment within a reasonable time of receipt by the Trustee of a completed application form and accompanying documentation.

Withdrawal of Small Amount. The Annuitant may withdraw in a lump sum payment equal to the value of the entire AccountFund, upon application by the Annuitant to the Trustee Financial institution in accordance with sections 4 10 and 5 11 of the Directive, if the following conditions are met: i) the value of all assets in all LIFs, LRIFs and LIRAs owned by the Annuitant and governed by Newfoundland pension benefits legislation is less than 10% of the year’s maximum pensionable earnings under the Canada Pension Plan for that calendar year; or ii) the Annuitant has reached the earlier of age 55 or the earliest date on which the Annuitant member or former member would have been entitled to receive a pension benefit under the plan from which money was transferred, and the value of the Annuitant’s 's assets in all LIFs, LRIFs Locked-in retirement income funds and LIRAs Locked-ln retirement accounts governed by Newfoundland and Labrador pension benefits legislation is less than 40% of the year's maximum pensionable earnings for that calendar year; ii) the value of all assets in all LIFs, Locked-in retirement income funds and Locked-ln retirement accounts owned by the Annuitant and governed by Newfoundland pension benefits legislation is less than 40% of the year’s maximum pensionable earnings under the Canada Pension Plan for that calendar year; and iii) the Annuitant has not, within the same Fiscal Year, elected to receive additional temporary income under section 7 hereof or, where a part of this Fund corresponds to amounts transferred directly or indirectly from another LIF or Locked-in retirement income fund, elected to receive additional temporary income from that LIF or Locked-in retirement income fund. Such application shall be made on a form approved by the Superintendent; and iv) , and if the Annuitant is a former member of a pension plan, such application shall be accompanied by a waiver by Spouse of the Annuitant of the joint and survivor pension entitlement in the form and manner required by acceptable to the Superintendent. The Trustee Financial institution may rely upon the information provided by the Annuitant in any application made pursuant to this Section 12 8 and such application shall constitute sufficient authorization to the Trustee Financial institution to pay the Annuitant from the Account Fund in accordance thereof. The Trustee shall make the payment within a reasonable time of receipt by the Trustee of a completed application form and accompanying documentation.