Withdrawal Charge definition
Withdrawal Charge means a charge taken by AUL equal to a percentage of the Account Value withdrawn pursuant to Section 4.8, where the percentage varies by the Participant Account Year in which the withdrawal is made. The first Participant Account Year begins on the date when AUL establishes a Participant Account and credits the initial Contribution for the Participant, and ends on the day immediately preceding the next anniversary of such date. Each Participant Account Year thereafter begins on such an anniversary date and ends on the day immediately preceding the next succeeding anniversary date. The Withdrawal Charge percentage is as follows: During Withdrawal Charge Participant Account Years Percentage However, for any Participant who also participates in AUL Series III group annuity contract GA XX,XXX, the initial Withdrawal Charge percentage under this contract shall be equal to the Withdrawal Charge percentage applicable to the Participant under the AUL Series I group annuity contract from which funds have been transferred to such Series III contract, determined by AUL immediately prior to the date of such transfer, rounded down to the next whole Withdrawal Charge percentage if the Withdrawal Charge percentage under such Series I contract is a fractional Withdrawal Charge percentage. However, the Withdrawal Charge percentage under this paragraph shall never be greater than 8%. The Withdrawal Charge percentage shall be decreased by 1% for each subsequent Participant Account Year until the Withdrawal Charge percentage equals 4%. (However, if the applicable Series I contract Withdrawal Charge percentage is less than 4%, it shall be rounded up to 4% in this contract.) This 4% Withdrawal Charge percentage shall be in effect during the next 6 consecutive Participant Account Years. Thereafter, the Withdrawal Charge percentage shall be reduced to 0%. In no event will the cumulative total of all Withdrawal Charges, including those previously assessed against any amount withdrawn from a Participant Account, exceed 9% of total Contributions allocated to that Participant Account.
Withdrawal Charge means the fee charged by the trustee/sponsor of a scheme upon withdrawal of accrued benefits from the scheme. This fee is usually charged as a percentage of the withdrawal amount and will be deducted from the withdrawal amount. This charge does not apply to an MPF conservative fund. A withdrawal charge for a transfer of benefits, withdrawal of benefits in a lump sum, or the first twelve withdrawals of benefits by instalments in a year can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or purchasing investments in order to give effect to the transfer or withdrawal and are payable to a party other than the trustee.
Withdrawal Charge means a charge taken by AUL equal to a percentage of the Account Value withdrawn pursuant to Section 4.8, where the percentage varies by the number of full years measured from the date a Participant Account is established to the date the Withdrawal Charge is determined. Such percentage is as follows: During Account Years Percentage In no event will the cumulative total of all Withdrawal Charges, including those previously assessed against any amount withdrawn from a Participant Account, exceed 9% of total Contributions allocated to that Participant Account.
Examples of Withdrawal Charge in a sentence
For each Gas Flow Day, the Withdrawal Charge shall be payable in respect of the Withdrawn Quantity for that Gas Flow Day and shall be payable in accordance with clause 13.5.
More Definitions of Withdrawal Charge
Withdrawal Charge. [A Withdrawal Charge is assessed against Purchase Payments withdrawn. The Withdrawal Charge is calculated at the time of each withdrawal. Each Purchase Payment is tracked from the date of its receipt. Amounts will be withdrawn from your Contract in the following order:
Withdrawal Charge means the fee charged by the trustee of a scheme upon withdrawal of accrued benefits from the scheme. This fee is usually charged as a percentage of the withdrawal amount and will be deducted from the withdrawal amount. This charge does not apply to the MPF Conservative Fund. Save as regards the withdrawal of the special voluntary contributions, a withdrawal charge (whether as a percentage of the withdrawal amount or not) for a withdrawal of benefits in a lump sum can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or buying investments in order to give effect to the withdrawal and are payable to a party other than the trustee.
Withdrawal Charge. Upon a withdrawal of Certificate Value, a Withdrawal Charge as set forth on the Contract Schedule may be assessed. PROCEEDS PAYABLE ON DEATH DEATH OF CERTIFICATE OWNER DURING THE ACCUMULATION PERIOD : Upon the death of the Certificate Owner, or any Joint Certificate Owner, during the Accumulation Period, the death benefit will be paid to the Beneficiary(ies) designated by the Certificate Owner. Upon the death of any Joint Certificate Owner, the surviving Joint Certificate Owner, if any, will be treated as the Primary Beneficiary. Any other Beneficiary designation on record at the time of death will be treated as a contingent Beneficiary. A Beneficiary may request that the death benefit be paid under one of the Death Benefit Options below. If the Beneficiary is the spouse of the Certificate Owner, he or she may elect to continue the Certificate at the then current Certificate Value in his or her own name and exercise all the Certificate Owner's rights under the Certificate. DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD : Prior to the Certificate Owner attaining Age 80, the death benefit will be the greater of: (i) the Purchase Payments, less any withdrawals; or (ii) the Certificate Value determined as of the end of the Valuation Period during which the Company receives both due proof of death and an election for the payment method. If the death occurs after Age 80, the death benefit will be the Certificate Value determined as of the end of the Valuation Period during which the Company receives both due proof of death and an election for the payment method. DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD : A non-spousal Beneficiary must elect the death benefit to be paid under one of the following options in the event of the death of the Certificate Owner or any Joint Certificate Owner during the Accumulation Period: OPTION 1 - lump sum payment of the death benefit; or OPTION 2 - the payment of the entire death benefit within 5 years of the date of the death of the Certificate Owner or any Joint Certificate Owner; or OPTION 3 - payment of the death benefit under an Annuity Option over the lifetime of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary with distribution beginning within one year of the date of death of the Certificate Owner or any Joint Certificate Owner. Any portion of the death benefit not applied under Option 3 within one year of the date of the Certificate Owners' death, must be distribu...
Withdrawal Charge means the fee charged by the Trustee/Sponsor upon withdrawal of accrued benefits from the Scheme. This charge does not apply to the Manulife MPF Conservative Fund, the Manulife MPF Core Accumulation Fund and the Manulife MPF Age 65 Plus Fund. A withdrawal charge for a transfer of accrued benefits, withdrawal of accrued benefits in a lump sum, or withdrawals of accrued benefits by instalments in a year can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or buying investments in order to give effect to the transfer or withdrawal and are payable to a party other than the Trustee.
Withdrawal Charge means the charge payable by the Customer for the Service Provider withdrawing Natural Gas from the Facility on behalf of the Customer pursuant to a Withdrawal Nomination, calculated in accordance with Clause 11.5;
Withdrawal Charge is a percentage of the Account Value withdrawn under this contract. The Withdrawal Charge will not apply to Account Values withdrawn to provide a benefit payment or an annuity as described in Sections 5.2 and 6.1, respectively. The percentage varies by the Contract Year in which a withdrawal is made. The Withdrawal Charge percentage is as follows:
Withdrawal Charge. A charge assessed on partial or full withdrawals during the Withdrawal Charge Period. The Withdrawal Charge equals a percentage, shown on the Contract Data pages, of the amount subject to the charge.