Common use of Default Transfer to RRIF Clause in Contracts

Default Transfer to RRIF. Notwithstanding any provision to the contrary, if on the first day of November of the year in which the Annuitant reaches the prescribed age applicable to the most distant Maturity Date contemplated at Section 4 hereof, the Annuitant fails to notify the Trustee in writing in accordance with Paragraphs 9a) or 9b) above, the Maturity Date shall then be deemed to be the first day of December of the same year. In which case, the Trustee shall be deemed to have received instructions from the Annuitant to transfer the Assets in the Plan to a Retirement Income Fund issued by the Trustee in the Annuitant’s name in accordance with the Tax Legislation. In such case, the designated beneficiary of such fund shall be the person named as the designated beneficiary hereunder, if any. A written notice of the transfer shall be furnished to the Annuitant.

Default Transfer to RRIF. Notwithstanding any provision to the contrary, if if, on the first day of November of the year in which the Annuitant reaches the prescribed age applicable to the most distant Maturity Date contemplated at set out in Section 4 hereof, the Annuitant fails to notify the Trustee in writing in accordance with Paragraphs 9asubsections 9 a) or 9b9 b) above, the Maturity Date shall then be deemed to be the first day of December of the same year. In which such a case, the Trustee shall be deemed to have received instructions from the Annuitant to transfer the Assets in the Plan to a Retirement Income Fund an RRIF issued by the Trustee in the Annuitant’s name in accordance with the Tax Legislation. In such case, the designated beneficiary of such fund shall be the person named as the designated beneficiary hereunder, if any. A written notice of the transfer shall be furnished to the Annuitant.