Maximum Annual Payments definition
Maximum Annual Payments means the maximum allowable amounts to be paid out for Talc Personal Injury Claims by the Trust for each Fund annually.
Maximum Annual Payments means, at any time and with respect to the Payments and Parity Obligations, the greatest amount of payments required to be made by the Agency in the then current or any future Fiscal Year.
Maximum Annual Payments. The Annual Payment in any Year may not exceed the “Maximum Amount” for that Year, which is to be calculated as follows (subject to the other terms of this Contract and the Pension Rules): Where “C” is the balance of the Locked-In Funds on the first day of the Year, and “F” is the value on the first day of the Year of a guaranteed pension, the annual payment of which is $1 and which is payable on the first day of each Year between the first day of the Year and December 31 of the Year in which the Annuitant will reach age 90. “F” will be calculated at the beginning of each Year using either:
i) an interest rate of not more than 6% per Year; or
ii) for the first 15 Years after the valuation of the LIF, an interest rate greater than 6% as long as that rate does not exceed the interest rate obtained on long-term bonds issued by the Government of Canada for the month of November preceding the Year in which the calculation is made, as published in the Bank of Canada Review as CANSIM Series B-14013, and an interest rate not exceeding 6% per Year in subsequent Years. If, during the Year in which this LIF is opened, funds are transferred directly or indirectly into this LIF from another LIF, the “Maximum Amount” in the first Year for the amount so transferred is nil (zero).
Examples of Maximum Annual Payments in a sentence
The Point Value and the Maximum Annual Payments are based on projections over the lifetime of the PI Trust.