Common use of Death of Annuitant Clause in Contracts

Death of Annuitant. Following the death of the Annuitant, the property of the Plan will be paid to the surviving Spouse of the Annuitant unless the surviving Spouse is not entitled to survivor benefits under Pension Legislation. The surviving Spouse may instruct the Trustee to pay out the property of the Plan in cash or to transfer the property of the Plan to a registered retirement savings plan, a registered retirement income fund, or life annuity as permitted by Pension Legislation and paragraph 60(l) of the Act. If there is no surviving Spouse or the surviving Spouse waives spousal entitlement in the manner required by Pension Legislation, the property of the Plan will be paid to the person designated as beneficiary of the Plan, or if no such person has been designated, to the legal representative of the deceased Annuitant’s estate.

Death of Annuitant. Following the death of the Annuitant, the property of the Plan will be paid to the surviving Spouse of the Annuitant unless the surviving Spouse is not entitled to survivor benefits under Pension Legislation. The surviving Spouse may instruct the Trustee to pay out the property of the Plan in cash or to transfer the property of the Plan to a registered retirement savings plan, a registered retirement income fund, or life annuity as permitted by Pension Legislation and paragraph 60(l) of the Act. If there is no surviving Spouse or the surviving Spouse waives spousal entitlement in the form and manner required by Pension Legislation, the property of the Plan will be paid to the person designated as beneficiary of the Plan, or if no such person has been designated, to the legal representative estate of the deceased Annuitant’s estate.