Government Annuities Regulations — 12
erwise 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 payable in accordance with paragraph 4(b) of the Act, shall be payable to the annuitant or registered employee in accordance with paragraph 4(a) of the Act, (iv) to be paid an annuity the amount of which decreases on a specified day and under which there may be paid an annuity greater that 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 so permitted in respect of the registered employee having the same date of commencement and the same term certain, if any, as the annuity payable under the contract, or (v) that an annuity otherwise payable in accordance with paragraph 4(a) of the Act shall provide for the payment thereof in monthly instalments payable for the period between the date when the annuity becomes payable under the contract and a date within two months immediately following the date the annuitant or registered employee by reason of age could become eligible to receive a pension under the Old Age Security Act , provided the annuitant or registered employee shall so long live; (c) where the contract was entered into pursuant to subsection 6(3) of the Act, and the purchaser applies therefor to the Minister, to provide (i) for a change in the commencement date of the annuity to be paid to an annuitant or registered employee, (ii) for an increase or decrease in the premium payments to be made with respect to an annuitant or registered employee, (iii) for a change in the conditions whereby premium payments are credited to the accounts of any or all annuitants or registered employees, or (iv) that an annuitant or registered employee shall be placed in the same position with respect to the annuity payable or to become payable to him as if he were the purchaser, (d) where the contract was entered into pursuant to subsection 6(3) of the Act, in any case not provided for in this section, in such manner as the Minister deems advisable and Treasury Board approves; and (e) where, pursuant to section 8 of the Act, an annuity cannot be granted or issued for the reason that accumulated premiums and interest are not sufficient to purchase an annuity greater than $10 a year, to provide for the payment of interest, after April 1, 1975, on such premiums when refunded at the rate of seven per cent per annum to the date of refund. (2) Notwithstanding sections 3, 4 and 5, where an application to vary the terms of a contract pursuant to subparagraph (1)(a)(v) is received by the Minister on or after June 10, 1965, the tables set out in Schedule I shall be used to determine the additional annuity payable if the decrease in the amount of the annuity is to take place 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 prior to attaining the age of 70 years. (3) Notwithstanding sections 3, 4 and 5, where a purchaser elects that an annuity be paid pursuant to subparagraph (1)(b)(iv), and the first instalment of annuity is paid on or after the date of the coming into force of this subsection, the tables set out in Schedule II shall be used to determine the additional annuity payable if the decrease in the amount of the annuity is to take place within two months following the date the annuitant or registered employee, by reason of age, could become eligible to receive a pension under the Old Age Security Act prior to attaining the age of 70 years.