Plan Maturity Sample Clauses
Plan Maturity. Upon the establishment of the trust plans, you are required to select either to encash the value of the plan in a single payment (see Clause 3.5(b) or to receive regular withdrawals when the plan matures. An option of maturity letter will be sent to you before the maturity date. Before the Plan matures, you could amend your selection and have following choices:
(a) Extend the Plan for a further and final 10 year term
(i) An endorsement of Plan Schedule will be issued and all charges will be taken as set out in Clause 5.
(ii) You can pay additional contributions into the Plan but subjected to the charges stated in Clause 5.
(iii) An election to extend the Plan must be received by Metis in the prescribed format no less than 10 working days before plan maturity.
Plan Maturity. If, 30 days before the end of the year in which they reach age 71, or any other age limit stipulated by the Income Tax Act (Canada), the Annuitant has not provided the Company with written instructions as to the form of their retirement income, the Company shall convert the redemption value of the Class “A”, Series 1 shares and fractional shares to an immediate monthly annuity with a 10-year guarantee, established on the life of the Annuitant. To this end, the Annuitant irrevocably appoints the Company as their mandatary for the purpose of enabling them to submit to Fondaction any redemption application required for such conversion. The amount of the monthly annuity shall be equal to: Redemption price of Fondaction Class “A”, Series 1 shares and fractional shares divided by 295 The redemption price of Fondaction Class “A”, Series 1 shares and fractional shares used herein is defined in the prospectus. Any purchase, redemption or transfer of Fondaction Class “A”, Series 1 shares or fractional shares prior to conversion reduces the amount available for annuity payments correlatively. Moreover, an annuity may not be paid if the provisions of the Unclaimed Property Act apply.
Plan Maturity. After the Plan Maturity Date, you have following choices:
(a) Keep the Plan at Paid Up Status without paying any subsequent Contribution:
(i) The Plan will be kept in force as long as the Plan Value exceeds the Minimum Plan Value, otherwise the Plan will be terminated automatically and pay the Encashment Value to you, no reinstatement of the Plan will be allowed.
(ii) You cannot increase the Regular Contribution amount or pay any additional Single Contributions to the Plan;
(iii) All Exit Charges are waived, but Registration Fee and Administration Charge as set out in the Clause 6.1(b) and Clause 6.3 respectively will continue to apply. You can make a withdrawal or encash the Plan at any time.
Plan Maturity. After the Plan Maturity Date, you have following choices:
(a) Keep the Plan at current status:
(i) The Plan will be kept in force as long as the Plan Value exceeds the Minimum Plan Value, otherwise the Plan will be terminated automatically and pay the Encashment Value to you, no reinstatement of the Plan will be allowed.
(ii) All Exit Charges are waived, but Administration Charge and Registration Fee as set out in the Clause 6.2 and Clause 6.4 respectively will continue to apply. You can make a Withdrawal or Encash the Plan at any time.
(iii) You can pay additional contribution into the Plan but subjected to the charges stated in Clause 6.