Common use of Additional Temporary Income Clause in Contracts

Additional Temporary Income. Subject to paragraph 11, the Annuitant may apply for additional temporary income where: (a) the total pension income received by the Annuitant for the calendar year in which the le earnings (YMPE) under the Canada Pension Plan (CPP) for the calendar year in which the application is made; and (b) the Annuitant has not yet reached the age of 65 at the beginning of the fiscal year in which the application is made. The amount of the additional temporary income paid out in a fiscal year may not exceed the maximum in the following formula: Maximum Temporary Income = A B in which A = 40 percent of the YMPE under the CPP for the calendar year in which the application is made B = the total pension income to be received by the Annuitant for the calendar year in which the application is made for all LIFs, LRIFs, life annuities, and pension plans governed by the Pension Legislation or established by or governed by an Act of Canada or a Province, except income from a pension under the Canada Pension Plan. Such application by the Annuitant: (a) must be made in the form and manner required by the Pension Legislation, (b) if the Annuitant is a former member of the RPP from which the locked-in funds were directly or indirectly transferred to the Fund and if the Annuitant has a Spouse, must be accompanied by a waiver by the Spouse, in the form and manner required by the Pension Legislation, and (c) must be submitted to the Trustee at the beginning of the fiscal year of the Fund, unless otherwise permitted by the Trustee.

Additional Temporary Income. Subject to paragraph 11, the Annuitant may apply for additional temporary income where: (a) the total pension income received by the Annuitant for the calendar year in which the le application is made, calculated as B, is less than 40 percent of the year’s maximum Pensionable earnings (YMPE) under the Canada Pension Plan (CPP) for the calendar year in which the application is made; and (b) the Annuitant has not yet reached the age of 65 at the beginning of the fiscal year in which the application is made. The amount of the additional temporary income paid out in a fiscal year may not exceed the maximum in the following formula: Maximum Temporary Income = A – B in which A = 40 percent of the YMPE under the CPP for the calendar year in which the application is made B = the total pension income to be received by the Annuitant for the calendar year in which the application is made for all LIFs, LRIFs, life annuities, and pension plans governed by the Pension Legislation or established by or governed by an Act of Canada or a Province, except income from a pension under the Canada Pension Plan. Such application by the Annuitant: (a) must be made in the form and manner required by the Pension Legislation, (b) if the Annuitant is a former member of the RPP from which the locked-in funds were directly or indirectly transferred to the Fund and if the Annuitant has a Spouse, must be accompanied by a waiver by the Spouse, in the form and manner required by the Pension Legislation, and (c) must be submitted to the Trustee at the beginning of the fiscal year of the Fund, unless otherwise permitted by the Trustee.

Additional Temporary Income. Subject to paragraph 11, the Annuitant may apply for additional temporary income where: (a) the total pension income received by the Annuitant for the calendar year in which the le application is made, calculated as B, is less than 40 percent of the year’s maximum Pensionable earnings (YMPE) under the Canada Pension Plan (CPP) for the calendar year in which the application is made; and (b) the Annuitant has not yet reached the age of 65 at the beginning of the fiscal year in which the application is made. The amount of the additional temporary income paid out in a fiscal year may not exceed the maximum in the following formula: Maximum Temporary Income = A – B in which A = 40 percent of the YMPE under the CPP for the calendar year in which the application is made B = the total pension income to be received by the Annuitant for the calendar year in which the application is made for all LIFs, LRIFs, life annuities, and pension plans governed by the Pension Legislation or established by or governed by an Act of Canada or a Province, except income from a pension under the Canada Pension Plan. Such application by the Annuitant: (a) must be made in the form and manner required by the Pension Legislation, (b) if the Annuitant is a former member of the RPP from which the locked-in funds were directly or indirectly transferred to the Fund and if the Annuitant has a Spouse, must be accompanied by a waiver by the Spouse, in the form and manner required by the Pension Legislation, and (c) must be submitted to the Trustee at the beginning of the fiscal year of the Fund, unless otherwise permitted by the Trustee.