Common use of Minimum Annual Payment Clause in Contracts

Minimum Annual Payment. The Minimum Annual Payment is nil for the calendar year in which the first contract year date begins. For each subsequent calendar year, prior to age 71 of the Annuitant (or the Annuitant's spouse or common-law partner, if elected at issue), the Minimum Annual Payment as per subsection 146.3(1) of the Income Tax Act (Canada) shall not be less than the Account Value of the Contract at the beginning of the calendar year divided by the number that is the difference between 90 and (a) the number that is, or would be, the age in whole years of the Annuitant at the beginning of the year, or (b) where the Annuitant so elects at issuance of this Contract, the number that is, or would be, the age in whole years of the Annuitant's spouse or common-law partner at the beginning of the year. After age 71 of the Annuitant (or ▇▇▇▇▇▇▇▇▇'s spouse or common-law partner if elected at issue) the Minimum Annual Payment shall not be less than the Account Value of the Contract at the beginning of the calendar year multiplied by the applicable factor prescribed by the Income Tax Act (Canada).

Minimum Annual Payment. The Minimum Annual Payment is nil for the calendar year in which the first contract year date begins. For each subsequent calendar year, prior to age 71 of the Annuitant (or the Annuitant's spouse or common-law partner, if elected at issue), the Minimum Annual Payment as per subsection 146.3(1) of the Income Tax Act (Canada) ), shall not be less than the Account Value of the Contract at the beginning of the calendar year divided by the number that is the difference between 90 and (a) the number that is, or would be, the age in whole years of the Annuitant at the beginning of the year, or (b) where the Annuitant so elects at issuance of this Contract, the number that is, or would be, the age in whole years of the Annuitant's spouse or common-law partner at the beginning of the year. After age 71 of the Annuitant (or ▇▇▇▇▇▇▇▇▇'s spouse or common-law partner if elected at issue) the Minimum Annual Payment shall not be less than the Account Value of the Contract at the beginning of the calendar year multiplied by the applicable factor prescribed by the Income Tax Act (Canada).