Commuted Value definition

Commuted Value means the actuarial present value of the pension or other benefit to which an employee, or their spouse or designated beneficiary, if applicable, is or will become entitled and which confirms to generally accepted actuarial principles and is accepted under the Pension Benefits Act, 1987 (Ontario) and regulation thereunder.

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Commuted Value means, in relation to benefits that a person has a current or future entitlement to receive, a lump sum amount which is the actuarial present value of those benefits, computed at the rate of interest and using the actuarial tables and such other methods and assumptions adopted for the purposes of the Plan, subject to any requirements of the Pension Benefits Act and the Income Tax Act.

Commuted Value means, in relation to a benefit that a member has a present or future entitlement to receive, the actuarial present value of the benefit determined, at the date of calculation, in accordance with

Examples of Commuted Value in a sentence

• If such designated individual or entity does not survive the Beneficiary, the Commuted Value of any remaining payments under this option shall be paid in one single sum to the Beneficiary’s estate.

• To calculate the Commuted Value for fixed dollar payments, We will use an interest rate We determine at Our discretion.

• To calculate the Commuted Value for variable annuity payments, We will use the AIR elected by You and the Annuity Unit Value(s) on the date We receive a fully completed request for surrender.

• To qualify for a Commuted Value Pension payment, the Teacher shall provide a written resignation letter for the purpose of retirement, by November 30 to be effective December 31, and by April 30 if the Teacher intends to retire effective June 30.

• Commuted Value - The present value of the remaining guaranteed annuity payments.

More Definitions of Commuted Value

Commuted Value means, in relation to benefits that a person has a present or future entitlement to receive, a lump sum amount which is the actuarial present value of those benefits computed using rates of interest, the actuarial tables and other assumptions that are adopted by the Board on the recommendation of the Actuary for purposes of the Plan, subject to any requirements of the Employment Pension Plans Act and the Income Tax Act.

Commuted Value means the value calculated in the prescribed manner and as of a fixed date of a pension, a deferred pension, a pension benefit or an ancillary benefit; (“valeur de rachat”)

Commuted Value means the amount calculated on the date of termination of employment which is required to provide an immediate or deferred pension whichever is applicable. This amount shall be determined in accordance with accepted actuarial practice in Canada.

Commuted Value of a pension benefit means the lump sum, Actuarially Calculated, so as to be equivalent in value to the pension and related ancillary benefits.

Commuted Value means a lump-sum amount which is the actuarial present value of a Member’s benefits computed at the rate or rates of interest and using the actuarial tables adopted by the Pension Committee on the recommendation of the Actuary, subject to the provisions of the Pension Benefits Act and the Income Tax Act.

Commuted Value means the present value of a pension benefit calculated in a manner that complies with the Canadian Institute of Actuaries Recommendations for the Computation of Transfer Values from Registered Pension Plans, as amended from time to time.

Commuted Value means the value of a benefit determined in accordance with the Pension Benefits Standards Act;