Common use of Locked Clause in Contracts

Locked. In Funds may not be transferred out during Your lifetime, except: i) before the end of the year in which You reach age 71 (or such other age as the Tax Act may prescribe from time to time), to be transferred to the pension fund of a Pension Plan in which You are a member or the pension fund of a Pension Plan established by a provincial or federal statute and in which You are a member. ii) before the end of the year in which You reach age 71 (or such other age as the Tax Act may prescribe from time to time), to be transferred to another LIRA You own, or to Your LIF (a LIF is an arrangement which meets the Pension Regulations' requirements for a “life income fund” and which has also been registered as a registered retirement income fund under the Tax Act). iii) before the end of the year in which You reach age 71 (or such other age as the Tax Act may prescribe from time to time), to purchase an immediate or deferred life annuity that meets the requirements of a “life annuity” under the Pension Regulations and the Tax Act. Such annuity cannot commence on a date which is more than 10 years before the earliest date on which You: A. are entitled to receive a Pension Benefit under the Pension Act as a result of termination of employment or membership in any Pension Plan from which the Locked-In Funds originated; and B. are entitled to receive a Pension Benefit under such Pension Plan as a result of termination of employment or Pension Plan membership. A deferred life annuity may only be purchased if this LIRA is closed. iv) Before the end of the year in which You reach age 71 (or such age as the Tax Act may prescribe from time to time), to be transferred to a Pooled Registered Pension Plan. v) if an amount is required to be paid to You to reduce the amount of tax which is otherwise payable under Part X.1 of the Tax Act. vi) as may be otherwise permitted by the Pension Act and Pension Regulations from time to time.

Locked. In Funds may not be transferred out during Your lifetime, except: i) before the end of the year in which You reach age 71 (or such other age as the Tax Act may prescribe from time to time), to be transferred to the pension fund of a Pension Plan in which You are a member or the pension fund of a Pension Plan pension plan established by a provincial or federal statute and in which You are a member. ii) before the end of the year in which You reach age 71 (or such other age as the Tax Act may prescribe from time to time), to be transferred to another LIRA You own, own or to Your LIF (a LIF “LIF” is an arrangement which meets the Pension Regulations' requirements for a “life income fund” and which has also been registered as a registered retirement income fund under the Tax Act). iii) before the end of the year in which You reach age 71 (or such other age as the Tax Act may prescribe from time to time), to purchase an immediate or deferred life annuity that meets the requirements of a “life annuity” under the Pension Regulations and the Tax Act. Such annuity cannot commence on a date which is more than 10 years before the earliest date on which You: A. are entitled to receive a Pension Benefit under the Pension Act as a result of termination of employment or membership in any Pension Plan from which the Locked-In Funds originated; and B. are entitled to receive a Pension Benefit under such Pension Plan as a result of termination of employment or Pension Plan membership. A deferred life annuity may only be purchased if this LIRA is closed. iv) Before the end of the year in which You reach age 71 (or such age as the Tax Act may prescribe from time to time), to be transferred to a Pooled Registered Pension Plan. v) if an amount is required to be paid to You to reduce the amount of tax which is otherwise payable under Part X.1 of the Tax Act. viv) as may be otherwise permitted by the Pension Act and Pension Regulations from time to time.