Common use of TRANSFER CHARGES Clause in Contracts

TRANSFER CHARGES. The Owner may make a transfer at any time. The number of free transfers allowed in a Certificate Year and the transfer charge for transfers in excess of that number are shown in the Schedule Page. We have the right to waive the charge for transfers completed through an allocation service acceptable to us. Any Transfer Charge will be deducted from the Divisions and the Fixed Account options to which the Certificate Value is transferred for transfers made before the Annuity Date. The deduction will be in the ratio of the Certificate Value transferred to each Division or Fixed Account option to the total Certificate Value transferred. Transfers made after the Annuity Date will have the transfer charge deducted from the next Annuity Payment.