Normal Retirement Pension Sample Clauses

Normal Retirement Pension. For Service to January 1, 1990

Normal Retirement Pension. The Executive shall be entitled, on retirement at age 65, to an annual pension of an amount determined in accordance with the following provisions and on the following terms. (a) The initial rate of pension at retirement at age 65 shall be calculated as x% of Basic Salary or Reference Salary whichever is the greater in the 12 months before retirement (“Pensionable Salary”) for each or any of the first five calendar years of the Executive’s employment by the Employer if in the last 90 days of each such year the average share price of the Employer on the London Stock Exchange (the “Average Share Price” and the “LSE” respectively) exceeds GBp 75 plus an additional 2% of Pensionable Salary for each such year if the Average Share Price exceeds: Year 1 GBp 90 Year 2 GBp 102 Years 3-5 inclusive GBp 114 Where x is 4 in the first calendar year, 3.5 in the second calendar year and 3 in the third, fourth and fifth calendar years. (b) If at the end of the fifth calendar year of his employment by the Employer the aggregate percentage pension accrued in accordance with the above provision is less than 26.5%, the Executive may accrue up to a further 4.5% of Pensionable Salary in his sixth calendar year of employment by the Employer if the average share price of the Employer on the LSE for the last 90 days of that year exceeds GBp 75 and up to a further 2% if the average share price of the Employer on the LSE for the last 90 days of that year exceeds GBp 114. (c) The maximum aggregate accrual under the formulae at Clauses 2.1(a) and 2.1(b) shall not exceed 26.5% and not more than 6% shall accrue in the first calendar year, not more than 5.5% shall accrue in the second calendar year, not more than 5% shall accrue in any subsequent calendar year save in the sixth year where up to 6.5% shall accrue in the manner described in 2.1(b) above. (d) In the event of a material increase or reduction of the issued share capital of the Employer, appropriate adjustments shall be made to the share prices stipulated for the purposes of Clause 2.1(a) above by the Employer acting reasonably. (e) For the avoidance of doubt in calculating the first five calendar years of the Executive’s employment by the Employer, the first calendar year shall end on 31 December 2011 even though the Executive will not have been employed for the full calendar year.

Normal Retirement Pension. Your normal Retirement Date is the first day of the month coincident with or next following your 65th birthday. At normal retirement, you will receive an annual pension, under normal form, equal to the greater of:

Normal Retirement Pension. (a) For a retirement, commencing on and after January 1, 1976, by a participant who has accumulated at least one Credited Hour after December 21, 1975, the Normal Retirement Pension payable to a Participant shall be the larger of paragraphs (1) and (2) below. (1) The pension benefit of such Participant computed under the provisions of the Old Plan based upon the Qualified Years and Credited Hours of the Participant as of December 21, 1975, plus ten percent (10%) thereof if the retirement commenced prior to April 2, 1976; or (2) The sum of: (A) $.0078 multiplied by the Participant's total Credited Hours accumulated during the Participant's first ten (10) Qualified Years; (B) $.0104 multiplied by the Participant's total Credited Hours accumulated during the Participant's next ten (10) Qualified Years; and (C) $.0104 multiplied by the Participant's total Credited Hours accumulated after the Participant has completed twenty (20) Qualified Years, provided that, a $.0066 rate shall apply in lieu of the $.0104 rate with respect to (I) Credited Hours credited before 1988 followed by a Break in Service before 1988, (II) benefits that 69 REPLACED – Amendment XIII, December 18, 1996, retroactively effective December 24, 1989. 70 Section AMENDED – Amendment XXXXVII, August 27, 2003.‌ 71 Section AMENDED – Amendment XVI, October 22, 1997, retroactively effective August 1, 1997. (Paragraph

Normal Retirement Pension. (a) For a retirement, commencing on and after January 1, 1976, by a participant who has accumulated at least one Credited Hour after December 21, 1975, the Normal Retirement Pension payable to a Participant shall be the larger of paragraphs (1) and (2) below. (1) The pension benefit of such Participant computed under the provisions of the Old Plan based upon the Qualified Years and Credited Hours of the Participant as of December 21, 1975, plus ten percent (10%) thereof if the retirement commenced prior to April 2, 1976; or (2) The sum of: (A) $.0078 multiplied by the Participant's total Credited Hours accumulated during the Participant's first ten (10) Qualified Years; (B) $.0104 multiplied by the Participant's total Credited Hours accumulated during the Participant's next ten (10) Qualified Years; and (C) $.0104 multiplied by the Participant's total Credited Hours accumulated after the Participant has completed twenty (20) Qualified Years, provided that, a $.0066 rate shall apply in lieu of the $.0104 rate with respect to (I) Credited Hours 69 REPLACED – Amendment XIII, December 18, 1996, retroactively effective December 24, 1989. 70 Section AMENDED – Amendment XXXXVII, August 27, 2003. 71 Section AMENDED – Amendment XVI, October 22, 1997, retroactively effective August 1, 1997. (Paragraph (6) deleted) 72 Section AMENDED – Amendment XXXIII, February 28, 2001, retroactively effective December 26, 1999. Restated 1993 Trust Agreement (Inclusive of Amendments I through CVII) credited before 1988 followed by a Break in Service before 1988, (II) benefits that went into pay status before 1988 or (III) benefits earned prior to a retirement commencing on or after January 1, 1988 with respect to applications for retirement filed before September 1, 1987. For the purpose of this subsection (a)(2), Credited Hours shall include only those accumulated after October 24, 1954, and prior to the “cessation date,” as defined in the next sentence. The cessation date shall be the later of the end of the Computation Year next following the Participant's sixty-fifth (65th) birthday or the end of the Computation Year during which the Participant is credited with both twenty (20) Qualified Years and twenty thousand (20,000) Credited Hours. Notwithstanding the preceding sentence, Credited Hours earned after the cessation date and prior to retirement are included, provided that (I) Credited Hours after the cessation date and before December 25, 1977 shall not be included in the ca...

Normal Retirement Pension. As of his Normal Retirement Date each Member of the Plan shall be entitled to a pension for life equal to the sum of his Accrued Current Service Pension, calculated in accordance with Article and his Accrued Prior Service Pension, if any.

Normal Retirement Pension a) For service on and after January 1, 1999 and up to June 30, 2012: The normal retirement pension formula will be calculated as 2% of pensionable earnings. b) For service on and after July 1, 2012: The normal retirement pension formula will be calculated as 1.65% of pensionable earnings. the member’s average monthly pensionable earnings during the sixty (60) consecutive months preceding his retirement or, if higher, 1.65% of his average monthly pensionable earnings during any five (5) calendar years preceding his retirement for which his earnings were the highest, multiplied by the number of years of Contributory Credited Service on and after July 1, 2012.

Normal Retirement Pension a) For service before January I, 1 990 the member shall be entitled to a monthly pension calculated as follows:

Normal Retirement Pension. An active member retiring on Normal Retirement Date on or after January but before the expiry of the current Collective Agreement, shall be entitled to a monthly pension calculated as follows: Service before January For service before January the member shall be entitled to a monthly pension calculated by of years of credited service prior to January Service alter December hut prior to January For service after December but prior to January the member shall be entitled to a monthly pension calculated as follows: of of the member's required contributions made after December but before January after December For service after December member shall be entitled to a monthly pension calculated follows: of of the member's required contributions made after December However, an active retiring on Retirement Date on or after October but before the expiry of the current CollectiveAgreement, shall a monthly pension for years of credited service December equal to the greater of the amount calculated in subsection above or the calculated as the excess of over as follows: of the member's average monthly earnings over best five years of earnings preceding retirement,multiplied by number of years of contributory credited service January and date of retirement; of the monthly pension payable under the Canada Pension Plan in the year the member retires, to an individualretiring at age multiplied by number of years of contributorycredited between January and hisher retirement date to a maximum of For member retiring on or after January but before the expiry of the Collective Labour Agreement, the maximum should read instead of for pension calculation under paragraph of this subsection shall to regular it excludes overtime taxable benefits, call-back pay, attendance allowances, special payments, or any other payments of this nature. Should a member's earnings during one of the five 12-month periods immediately preceding retirement not reflect normal annual schedule of hours for this period as a result of absences attributable to illness, earnings of the said member for such a period shall be adjusted to hisher normal annual schedule of hours, provided the was actively at work for at least three months during this 12-month period.