Common use of Partial Surrender Clause in Contracts

Partial Surrender. Whenever a Retirement Benefit intended to be secured under the Policy becomes payable by the Schemes under the Schemes’ Rules, MPF is obliged, in accordance with the provisions of this Clause 9 and subject (for the avoidance of doubt) to Clause 2.4, to provide the Trustee with an amount in the Base Currency required to pay the Retirement Benefit, or to undertake the provision of a corresponding annuity as set out in Clause 9.5 below. For the purposes of this Clause 9, “retirement benefit” shall include (without limitation) where permitted by the CIF Deed or the Schemes’ Rules as appropriate (i) a transfer payment on withdrawal of a member of the Schemes, (ii) a payment to an employer participating in the CIF or the Schemes, (iii) any expense of the CIF or the Schemes and (iv) any deferred annuity in accordance with the Schemes’ Rules.