Government Annuities Regulations — 12
12 (1) The Minister may enter into an agreement to vary the terms of a contract for the payment of an annuity entered into under the Act or other authority of Parliament, as follows: (a) in any case where the contract for the payment of the annuity was not entered into pursuant to subsection 6(3) of the Act, (i) where the person who entered into the contract applies therefor to the Minister, to vary the terms of the contract so that the annuitant shall be placed in the same position as if he were the purchaser, (ii) where the purchaser of a deferred annuity under paragraph 4(a) of the Act applies to the Minister, before the annuity becomes payable, to vary the terms of the contract to provide for the payment of the annuity in monthly instalments payable for the period between the date of maturity of the contract and a date within two months immediately following the date the annuitant by reason of age could become eligible to receive a pension under the Old Age Security Act , provided the annuitant shall so long live, (iii) where the person who entered into a contract to purchase a deferred annuity under paragraph 4(b) of the Act applies therefor to the Minister before the annuity becomes payable, to vary the terms of the contract so that the annuity will be payable on the life of one annuitant only, (iv) where the remaining instalments of annuity are payable to the legal representatives of a deceased person, and the said legal representatives apply therefor to the Minister, to pay the remaining instalments of the annuity to a designated person and his legal representatives, (v) where the purchaser of an annuity contract applies to the Minister, before the annuity becomes payable, to vary the terms of the contract to provide for an annuity the amount of which decreases on a specified day, and under which there may be paid an annuity greater than the maximum permitted under the Government Annuities Improvement Act and the Regulations made thereunder between the due date of the first instalment of annuity and the specified day, but in no case shall the annuity agreed to be paid exceed the actuarial equivalent of a constant annuity for the maximum amount so permitted in respect of the annuitant having the same date of commencement and the same term certain, if any, as the annuity payable under the contract, (vi) where the purchaser of an annuity contract applies to the Minister to vary the terms of the contract to provide that if at any time the premiums held to the credit of the contract are not sufficient to purchase an annuity of $120 a year on the life of the annuitant for 20 years certain or for the life of the annuitant, whichever period is the longer, as of the original due date of the first instalment of annuity, as determined under the Act, the purchaser with the concurrence of the annuitant may surrender the rights of the purchaser and the annuitant under the contract in consideration of a single payment being made to the purchaser, without interest, for the period up to and including March 31, 1975 but with interest at the rate of seven per cent per annum for the period commencing April 1, 1975 or the date the premium was paid, whichever is later, to the date of repayment of the refund of the premiums paid under the contract, and (vii) in any other case, in such manner as the Minister deems advisable and Treasury Board approves; (b) where the contract was entered into pursuant to subsection 6(3) of the Act, to provide that the purchaser may, by instrument in writing received by the Minister before the day of commencement of an annuity payable to an annuitant or registered employee, elect (i) that the annuity shall be payable in accordance with any optional type of annuity described in the contract, (ii) that an annuity otherwise payable in accordance with paragraph 4(a) of the Act, shall be payable to the annuitant or registered employee in accordance with paragraph 4(b) of the Act, (iii) that an annuity otherwise paya