Withdrawal Charge means the fee charged by the trustee/sponsor of a scheme upon withdrawal of accrued benefits from the scheme. This fee is usually charged as a percentage of the withdrawal amount and will be deducted from the withdrawal amount. This charge does not apply to an MPF conservative fund. A withdrawal charge for a transfer of benefits, withdrawal of benefits in a lump sum, or the first twelve withdrawals of benefits by instalments in a year can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or purchasing investments in order to give effect to the transfer or withdrawal and are payable to a party other than the trustee.
Withdrawal Charge means a charge taken by AUL equal to a percentage of the Account Value withdrawn pursuant to "Withdrawal Benefits," where the percentage varies by the Participant Account Year in which the withdrawal is made. The first Participant Account Year begins on the date when AUL establishes a Participant Account and credits the initial Contribution for the Participant, and ends on the day immediately preceding the next anniversary of such date. Each Participant Account Year thereafter begins on such an anniversary date and ends on the day immediately preceding the next succeeding anniversary date. The Withdrawal Charge percentage is as follows: During Withdrawal Charge Participant Account Years Percentage However, for any Participant who also participates in the companion AUL Series III group annuity contract, the initial Withdrawal Charge percentage under the Contract shall be equal to the Withdrawal Charge percentage applicable to the Participant under the AUL Series I group annuity contract from which funds have been transferred to such Series III contract, determined by AUL immediately prior to the date of such transfer, rounded down to the next whole Withdrawal Charge percentage if the Withdrawal Charge percentage under such Series I contract is a fractional Withdrawal Charge percentage. However, the Withdrawal Charge percentage under this paragraph shall never be greater than 8%. The Withdrawal Charge percentage shall be decreased by 1% for each subsequent Participant Account Year until the Withdrawal Charge percentage equals 4%. (However, if the applicable Series I contract Withdrawal Charge percentage is less than 4%, it shall be rounded up to 4% in the Contract.) This 4% Withdrawal Charge percentage shall be in effect during the next 6 consecutive Participant Account Years. Thereafter, the Withdrawal Charge percentage shall be reduced to 0%. In no event will the cumulative total of all Withdrawal Charges, including those previously assessed against any amount withdrawn from a Participant Account, exceed 9% of total Contributions allocated to that Participant Account.
Withdrawal Charge means a charge taken by AUL equal to a percentage of the Account Value withdrawn pursuant to Section 4.8, where the percentage varies by the number of full years measured from the date a Participant Account is established to the date the Withdrawal Charge is determined. Such percentage is as follows: During Account Years Percentage In no event will the cumulative total of all Withdrawal Charges, including those previously assessed against any amount withdrawn from a Participant Account, exceed 9% of total Contributions allocated to that Participant Account.
Examples of Withdrawal Charge in a sentence
In respect of each Withdrawal Nomination, the amount payable by the Customer to the Service Provider shall be calculated by multiplying the Withdrawn Quantity (in kWh) by the Withdrawal Charge Rate (in xxxxx per kWh).
More Definitions of Withdrawal Charge
Withdrawal Charge. [A Withdrawal Charge is assessed against Purchase Payments withdrawn. The Withdrawal Charge is calculated at the time of each withdrawal. Each Purchase Payment is tracked from the date of its receipt. Amounts will be withdrawn from your Contract in the following order:
Withdrawal Charge. The Withdrawal Charge Percentage stated on your Specifications Pages is applied to each Premium and assessed at the time you make a withdrawal or surrender your Contract. Any Withdrawal Charge assessed will depend on how long the Premium to which the withdrawal is attributed has been in the Contract. For the purpose of determining the Withdrawal Charge, a withdrawal will be attributed to amounts in the following order: (1) any remaining Free Withdrawal Amount for the current Contract Year (except in the case of a surrender); (2) Premiums which are no longer subject to a Withdrawal Charge and have not yet been withdrawn; (3) Premiums subject to a Withdrawal Charge; and (4) any gain, interest, or other amount that is not considered a Premium. The total Withdrawal Charge assessed is equal to the sum of the separate Withdrawal Charges applied to each Premium. In no event will the total Withdrawal Charge exceed the sum of the separate Withdrawal Charge Percentages applied to each respective Premium. Premiums, when withdrawn, are deemed to be withdrawn on a first-in-first-out basis, with the oldest Premiums withdrawn first. We will apply a Waiver of the Withdrawal Charge in the circumstances stated on your Specifications Pages. Free Withdrawal Amount — The Free Withdrawal Amount is the amount you may withdraw each Contract Year without paying a Withdrawal Charge. Your Free Withdrawal Amount is the greater of (i) the Free Withdrawal Percentage stated on your Specifications Pages multiplied by your Account Value on the date of the withdrawal, minus any partial withdrawals taken during the current Contract Year, or (ii) the Free Withdrawal Percentage multiplied by your Account Value as of the immediately preceding Contract Anniversary, minus any prior withdrawals made during that Contract Year. In the first Contract Year, the Account Value referenced in item (ii) will be your initial Premium. The Free Withdrawal Amount is not cumulative; any Free Withdrawal Amount not withdrawn in a Contract Year may not be carried forward to future Contract Years. The Free Withdrawal Amount applies only to partial withdrawals and does not apply to a surrender or an exchange under the Tax Code. The Free Withdrawal Amount does not reduce the Withdrawal Charge applicable to each Premium. Transfer Fee — We may deduct a Transfer Fee for any Transfers among Subaccounts as stated on your Specifications Pages. Unrestricted Transfers, as stated on your Specifications Pages, are not subject...
Withdrawal Charge means the fee charged by the trustee of a scheme upon withdrawal of accrued benefits from the scheme. This fee is usually charged as a percentage of the withdrawal amount and will be deducted from the withdrawal amount. This charge does not apply to the MPF Conservative Fund. Save as regards the withdrawal of the special voluntary contributions, a withdrawal charge (whether as a percentage of the withdrawal amount or not) for a withdrawal of benefits in a lump sum can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or buying investments in order to give effect to the withdrawal and are payable to a party other than the trustee.
Withdrawal Charge means the charge payable by the Customer for the Service Provider withdrawing Natural Gas from the Facility on behalf of the Customer pursuant to a Withdrawal Nomination, calculated in accordance with Clause 11.5;
Withdrawal Charge means the fee charged by the Trustee/Sponsor upon withdrawal of accrued benefits from the Scheme. This charge does not apply to the Manulife MPF Conservative Fund, the Manulife MPF Core Accumulation Fund and the Manulife MPF Age 65 Plus Fund. A withdrawal charge for a transfer of accrued benefits, withdrawal of accrued benefits in a lump sum, or withdrawals of accrued benefits by instalments in a year can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or buying investments in order to give effect to the transfer or withdrawal and are payable to a party other than the Trustee.
Withdrawal Charge. The Withdrawal Charge is a percentage of the amount withdrawn that is subject to a charge, and depends on the number of Contract Anniversaries that have elapsed since a Purchase Payment was made.
Withdrawal Charge means the fee charged by the Trustee/Sponsor of the Plan upon withdrawal of accrued benefits from the Plan. This fee is usually charged as a percentage of the withdrawal amount and will be deducted from the withdrawal amount. This charge does not apply to the Principal – MPF Conservative Fund. A withdrawal charge for a withdrawal of benefits, in a lump sum, or by instalments can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or buying investments in order to give effect to the withdrawal and are payable to a party other than the Trustee. In respect of special voluntary contributions, withdrawals are limited to 6 times per calendar year and no withdrawal charge is currently levied.