Payment of pensions Sample Clauses
The 'Payment of pensions' clause defines the obligations and procedures for disbursing pension benefits to eligible recipients. It typically outlines the timing, method, and frequency of payments, such as monthly direct deposits or mailed checks, and may specify conditions under which payments commence or cease. This clause ensures that pensioners receive their entitled benefits in a predictable and orderly manner, providing financial security and clarity for both the payer and the recipient.
Payment of pensions. 1. The commencement date for payment of a pension payable by virtue of this Agreement shall be determined in accordance with the legislation of the contracting Party concerned but in no case shall that date be a date earlier than the date on which this Agreement enters into force.
2. The pensions paying institutions may discharge their obligations under this Agreement in their national currency.
3. Transfers resulting from the implementation of this Agreement shall take place pursuant to the Agreements that exist between both contracting Parties.
4. The provisions in the legislation of one of the contracting Parties with regard to exchange control shall not obstruct the free transfer of financial amounts resulting from the implementation of this Agreement.
5. A pension payable by a contracting Party by virtue of this Agreement to a person outside the territory of that Party shall be paid without deduction for government administrative fees and charges for processing and paying that pension.
6. The payment outside Australia of an Australian pension that is payable by virtue of this Agreement shall not be restricted by those provisions of the legislation of Australia which prohibit the payment of a pension to a former Australian resident who returns to Australia becoming again an Australian resident, and lodges a claim for an Australian pension and again leaves Australia within a specified period of time.
Payment of pensions. 1. Pensions may be validly paid by an agency of one Contracting State to a person residing in the territory of the other Contracting State in the currency of that Contracting State. If pensions are paid in the currency of the other Contracting State, the conversion rate shall be the rate of exchange in effect on the day when pensions are paid.
2. In the event that a Contracting State imposes currency controls or other similar measures that restrict payments, remittance or transfers of funds or financial instruments to persons who are outside that Contracting State, it shall, without delay, take appropriate measures to ensure the payment of any amount that must be paid in accordance with this Agreement to persons described in Article 3 who reside in the other Contracting State.
Payment of pensions. 1. Based on the application of a pension recipient, the granted pension may be paid in the territory of the Contracting Party which has granted it or may be transferred to the territory of the other Contracting Party where the pension recipient has residence, in the manner prescribed in the Administrative Arrangement provided for in paragraph 1 of Article 11of this Agreement.
2. If a pension recipient resides in a territory of a third state, the pension granted under the legislation of one of the Contracting Parties shall be paid as follows: as regards the Republic of Serbia - under the same conditions as for its citizens; as regards the Republic of Azerbaijan - by choice of the beneficiary in its territory, or shall be transferred to the territory of the Republic of Serbia.
3. The competent institution of one Contracting Party shall transfer pensions under this Agreement to the pension recipients in the territory of the other Contracting Party in euros (EUR) or dollars (USD).
Payment of pensions. The pension paying agencies may discharge their obligations under this Convention in their national currency. Transfers resulting from the implementation of this Convention shall take place pursuant to the Conventions that exist between both contracting States. The provisions in the legislation of one of the contracting States with regard to monetary control must not obstruct the free transfer of financial amounts resulting from the implementation of this Convention.
Payment of pensions. Pensions shall be paid directly to the beneficiaries.
Payment of pensions. Each retirement pension shall be paid in monthly installments, provided, however, that the Company in its sole discretion may, where the amount payable at Regular retirement Age, is less than 2% of the YMPE in the year that the employee breaks Accredited service or, where the Commuted Value of the annual pension is less than 4% of the YMPE in the year that the employee breaks Accredited service, pay such pensions in quarterly, semi-annual, or annual installments or in the form of a lump sum which shall, in either case, be Actuarially Equivalent in value to the monthly pension payments. The first monthly installment of any Retirement pension (except in the case of a Medical retirement or a deferred Retirement Pension elected under subsection (a) of Section 4 of Article VI) shall be payable for the first full calendar month following the employee’s retirement, and shall be paid during such month provided the application for a Retirement pension is made not later than the close of the month in which the applicant retires. If the application for a Retirement Pension is made after the close of the month in which the applicant retires, the first monthly installment of the Retirement pension shall be paid for the month in which such application is made. In the case of a medical retirement, the first monthly installment of a Retirement pension shall be payable for the month in which the Medical retirement occurs. The last monthly installment of any Retirement Pension shall be payable for the month in which the death of such person shall occur subject to the provisions of Article VII.
Payment of pensions. 1. The competent institution of one Contracting Party shall make pension payments quarterly to the pension recipient with the residence in the territory of the other Contracting Party. The pension recipient shall submit a certified life certificate, using the established form, twice a year, in April and October, to the competent institution making the pension payment.
2. The competent institutions of the Contracting Parties shall be responsible for the full, correct and timely transfer of pension payments under the Agreement in accordance with the legislation that they apply.
3. The competent institutions or liaison bodies of the Contracting Parties will conclude an arrangement on electronic data exchange in relation to pension payments, as well as other data relevant for the exercise of rights.
1. In accordance with the Agreement, the competent institution of one Contracting Party shall transfer pensions in euros (EUR) or dollars (USD) to the territory of the other Contracting Party and expenses related to the transfer to the servicing bank (sending bank) shall be borne by the competent institution of the Contracting Party granting the pension. Expenses related to the transfer of the pension from the servicing bank (sending bank) to the pension recipient's account shall be paid at the pension recipient's own expense.
2. Pension payments in the territory of the Contracting Party granting the pension shall be made in the national currency of this Contracting Party.
Payment of pensions. 41 58 Timing.................................................................................... 41 59 Duration.................................................................................. 41 (3) 60 Method and Increases...................................................................... 41
Payment of pensions. A pension under Rule 9 or Rule IS shall commence:
(a) in the case of a pension under Rule 9 on the first day of retirement;
(b) in the case of a pension under Rule 18, subject to sub-Rule 18.4, on the day immediately following the Normal Pension Date; and (subject to sub-Rule 29.4) the first instalment of such pension shall be payable on the first day of the month coincident with or (if not coincident with) next following the date upon which such pension commences and shall include a proportionate payment calculated by reference to the period from the day upon which such pension commences until the end of the calendar month. Thereafter. the pension shall be payable by monthly instalments in advance on the first day of each calendar month (or by such other periodical instalments as the Trustees may in their absolute discretion determine) throughout the lifetime of the Member and the last instalment of pension shall fall due on the first day of the month immediately prior to the date of death. If the Trustees shall determine that the periodical instalments of a pension should be payable other than monthly references in the foregoing provisions of this Rule to a month and to instalments of pension falling due on the first day of a month shall be construed as references to such other period as the Trustees shall determine, by reference to which instalments of pension shall be payable and to instalments of pension falling due on the first day of such period, as appropriate.
Payment of pensions. Retirement benefits under the Plan will be:
(a) provided by means of annuities purchased from a person licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada an annuities business, or
(b) paid on a self-insured basis as acceptable under the Income Tax Act.