Examples of Approved Annuity Plan in a sentence
Further note that the payments from the Approved Income Payment Plan or Approved Annuity Plan would be subject such to tax deductions as mentioned Income Tax Ordinance, 2001 from time to time.
Use his/her share of the amount to purchase a deferred Approved Annuity Plan on his/her life from a Life Insurance/Takaful Company to commence at age fifty- five years or later.
After verifying all the particulars, the Pension Fund Manager will instruct the Trustee to pay the twenty-five per cent of the amount (please refer paragraph 6.18 (2) (a)) to the Participant without deduction of income tax, as permitted in the Offering Document, Rules and Income Tax Ordinance and transfer the remaining balance to an Approved Income Payment Plan or an Approved Annuity Plan as selected by the Participant and intimated to the Pension Fund Manager.
The Approved Annuity Plan purchased may be single life, joint or survivor life, level (with or without guarantee period), increasing, investment linked and retail price index linked or with any additional features as may be offered by Life Insurance Company.
At the expiry of the Approved Income Payment Plan according to clause (c) above, the Participant shall have option to use the outstanding balance in his/her Individual Pension Account to purchase an Approved Annuity Plan from a Life Insurance/ Takaful Company, of his/her choice or buy an Approved income payment plan for another term or to withdraw the amount from his/her account subject to the conditions laid down in the Income Tax Ordinance, 2001.
The Participants have the options during the tenure of the Income Payment Plan to transfer the remaining balance (Part A & Part B) to another Pension Fund Manager or life insurance company to purchase an Approved Income Payment Plan or an Approved Annuity Plan respectively.
However, the participant can not opt for the Income Payment Plan if he has already purchased an Approved Annuity Plan from a life insurance company.
A Participant would be eligible to opt for an Income Payment Plan II, at any time, after achieving the retirement age, as referred in clause (c) of Para 1 above.However, the participant cannot opt for the Income Payment Plan II if he/she has already purchased an Approved Annuity Plan from a life insurance company.Further, Participant(s) from Income Payment Plan I can switch to Income Payment Plan II and vice versa at any time.
At the expiry of the Approved Income Payment Plan according to clause (c) above, the Participant shall have option to use the outstanding balance in his/her Individual Pension Account to purchase an Approved Annuity Plan from a Life Insurance, of his/her choice or buy an Approved income payment plan for another term or to withdraw the amount from his/her account subject to the conditions laid down in the Income Tax Ordinance, 2001.
Pipes are normally covered by 1.2 m of soil, and a clearance of 100 mm is left between the pipe and each side of the trench to allow backfilling.