Examples of Approved Annuity Plan in a sentence
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.
The Participants have the options during the tenure of the Income Payment Plan II to transfer the balance 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.
After verifying all the particulars, the Pension Fund Manager will instruct the Trustee to pay the fifty 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.
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.
However, the participant cannot opt for the Income Payment Plan if he has already purchased an Approved Annuity Plan from a life insurance company.
For the sake of clarity the new Clause shall be read as under: At the expiry of the Approved Income Payment Plan according to sub clause (c) of clause (2) above, the Participant shall have option to use the outstanding balance in his Individual Pension Account to purchase an Approved Annuity Plan from a Life Insurance/Takaful Company, of his choice or buy an income payment plan for another term or withdraw the amount from his account.
The Eligible Assistance Amount will generally be paid in three tiers.
Madam Speaker, at present relief, is granted for the annual contributions made by the taxpayer up to$50,000 in respect of contributions to any approved Retirement Benefits Scheme or Approved Pension Fund Plan, Premiums paid under an Approved Annuity Plan, Contributions by individuals under the Retiring Allowance (Legislative Service) Act from 1st January 1996 and Contributions to National Insurance Scheme.