Sentences with phrase «pension commencement»

Terms used in the members» booklet you received on joining may be very different to those in use now: for example, a tax free cash became a pension commencement lump sum and then an uncrystallised funds pension lump sum — or taking «cash in chunks» according to Pensions Wise (which has the virtue of blunt simplicity though little linguistic elegance).

She takes the maximum pension commencement lump sum (# 25,000) and uses the remaining # 75,000 to secure a lifetime annuity contract through the open market option.

Not exact matches

It is based on the age of the recipient at commencement of the pension, the level of reversion and the level of indexation.

Her pension account balance on the commencement day was $ 300,000.

Transition - to - retirement pensions commencing on or after 1 July 2007 must also satisfy the minimum pension standards as well as the additional requirement that pension payments must be restricted to a maximum of 10 % of the pension account balance as it stands at 1 July of each financial year or the commencement day of the pension.

However, as the pension commenced after 1 July 2015 and it was commuted on 30 May 2016, the minimum payment amount is calculated proportionately from the commencement day to the date the pension was commuted:

However, as the pension commenced on 1 January 2016, the required minimum amount is calculated proportionately from the commencement day to the end of the financial year:

A pension's commencement day is the first day of the payment period.

The minimum pension payment amount is a set percentage of the member's account balance at commencement or at 1 July for every subsequent year.

The minimum annual pension amount is calculated on the balance of the member's pension account at commencement or at 1 July for every subsequent year and the member's age.

During that time they defer commencement of CPP pension and keep their RRSP intact rather than rolling it over into a RRIF.

If the relevant rules are again complied with in a following income year, this results in the commencement of a new pension.

(4A) The approval, after the commencement of this subsection, of a maintenance agreement under this section does not exclude or limit the power of a court having jurisdiction under this Act to make an order in relation to the maintenance of a party to the relevant marriage if the court is satisfied that, at the time the agreement was approved, the circumstances of the party were such that, taking into account the terms and effect of the agreement, the party would have been unable to support himself or herself without an income tested pension, allowance or benefit.