Approved Annuity Plan definition

Approved Annuity Plan means an Annuity plan approved by the Commission under section 2(3A) of the Income Tax Ordinance, 2001;
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Approved Annuity Plan means an annuity plan approved by the Commission.
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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.

Related to Approved Annuity Plan

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Qualified Joint and Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of his Spouse as described in Section 8.2.

  • Salary reduction plan means a benefit plan whereby state and

  • Qualified Plan means a Pension Plan that is intended to be tax-qualified under Section 401(a) of the IRC.

  • Flexi Plan means any individual indemnity hospital insurance plan under the VHIS framework with enhancement(s) to any or all of the protections or terms and benefits that the Standard Plan provides to the Policy Holder and the Insured Person, subject to certification by the Government. Such plan shall not contain terms and benefits which are less favourable than those in the Standard Plan, save for the exception as may be approved by the Government from time to time.

  • Number of Students Who Began the Program means the number of students who began a program who were scheduled to complete the program within 100% of the published program length within the reporting calendar year and excludes all students who cancelled during the cancellation period.

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Deferral Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the amount of the Deferrals.