Common use of Optional Forms Clause in Contracts

Optional Forms. If you do not have a spouse, or if she has waived her rights to a 60% survivor pension, then you may elect to receive your pension as a straight life annuity with no guaranteed period, or you may wish to have a guaranteed period of 10 or 15 years. You can also elect a pension that gives your spouse more than 60% of your pension if you predecease her. In the case of early retirement, you may elect to increase the amo unt you receive prior to the com- mencement of OAS or Canada Pension. An op- tion sheet will be provided to you prior to your retirement so that you can choose the most ap- propriate one for your situation. Your first pension payment will be made at the end of the month following your retirement. The pay- ment can be made directly to you or by automatic direct deposit, to your bank account.

Optional Forms. If you do not have a spouse, or if she has waived her rights to a 60% survivor pension, then you may elect to receive your pension as a straight life annuity with no guaranteed period, or you may wish to have a guaranteed period of 10 or 15 years. You can also elect a pension that gives your spouse more than 60% of your pension if you predecease her. In the case of early retirement, you may elect to increase the amo unt amount you receive prior to the com- mencement of OAS or Canada Pension. An op- tion sheet will be provided to you prior to your retirement so that you can choose the most ap- propriate one for your situation. Your first pension payment will be made at the end of the month following your retirement. The pay- ment can be made directly to you or by automatic direct deposit, to your bank account.