Withdrawal Charge means a charge taken by AUL equal to a percentage of the Account Value withdrawn pursuant to Section 4.8, where the percentage varies by the Participant Account Year in which the withdrawal is made.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In no event will the cumulative total of all Withdrawal Charges, including those previously assessed against any amount withdrawn from a Participant Account, exceed 9% of total Contributions allocated to that Participant Account.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 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 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
If the remaining Contract Value is less than the Withdrawal Charge, then the Withdrawal Charge will be deducted from the Withdrawal Proceeds and the withdrawal request will be treated as a full surrender.
Amounts withdrawn prior to the end of the Withdrawal Charge Period may be subject to a Withdrawal Charge.
Withdrawal Charge Cumulative withdrawals in any Contract Year that exceed the Free Withdrawal Amount will be assessed a Withdrawal Charge.
The Death Benefit is not subject to the Withdrawal Charge or the Market Value Adjustment.
Any applicable Withdrawal Charge will be applied among A23RILA-SPDA-01 10 Strategies in the same proportions that apply to the Withdrawal Amount.
More Definitions of Withdrawal Charge
Withdrawal Charge means the fee charged by the Trustee/Sponsor of the 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 Sun Life MPF Comprehensive Scheme MPF Conservative Portfolio. Withdrawal charge is part of the “exit charge” as mentioned in the Deed of Trust. A withdrawal charge for withdrawal of benefits in a lump sum, or the first four withdrawals of benefits by instalments in a calendar year (or such other number of withdrawals as may be prescribed by the MPF Regulation) 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 withdrawal and are payable to a party other than the Trustee.
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. 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. A Withdrawal Charge may apply if you make a withdrawal during the Withdrawal Charge Period. The Withdrawal Charge is a percentage of the amount withdrawn that is subject to a charge. For the initial Guaranteed Interest Rate Period, the Withdrawal Charge depends on the number of Contract Anniversaries that have elapsed since the initial Purchase Payment was made. After the initial Guaranteed Interest Rate Period, the first subsequent Guaranteed Interest Rate Period will begin a new Withdrawal Charge Period equal to the number of years in the new Guaranteed Interest Rate Period. No Withdrawal Charge will apply beginning with the second subsequent GIR Period. If a withdrawal is effective on the day before a Contract Anniversary, the Withdrawal Charge percentage used will be the one as of the following Contract Anniversary. If you request a partial withdrawal, we will deduct an amount from the Contract Value that is sufficient to pay the Withdrawal Charge and any applicable Market Value Adjustment, and provide you the amount requested. The Withdrawal Charge schedule is shown on the Contract Data pages. For purposes of determining the Withdrawal Charge, withdrawals of the Charge-Free Amount will be taken first. Withdrawals in excess of the Charge-Free Amount may be subject to a Withdrawal Charge. We will waive all Withdrawal Charges upon receipt of due proof that the Owner or Joint Owner is Terminally Ill, or has been confined to an Eligible Nursing Home or Eligible Hospital continuously for at least three months, subsequent to the Contract Date. This waiver is not available if the Contract has been assigned. Withdrawal Charges will not be greater than that permitted by any applicable law or regulation. Withdrawal Charges may be assessed upon the Annuity Date.
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 means the charge incurred when the Policy Owner withdraws money from the Policy Account Value.
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.