BENEFITS, HOW PAYABLE
14. (1) Subject to these Regulations, where an annuity or annual allowance becomes payable under these Regulations, it shall be paid in equal monthly instalments commencing on the first day of the month coincident with or immediately following the day on which the recipient becomes entitled thereto and it shall continue to be paid on the first day of each month thereafter until the first day of the month during which the recipient dies and any amount in arrears thereof that remains unpaid at any time after his death shall, in the case of an annuity payable to a contributor who died leaving a widow, be paid in a lump sum as though that amount were a return of contributions to which his widow is entitled under these Regulations, and shall, in any other case, be paid to the recipient’s estate or, if less than $500, as the Treasury Board may direct.
(2) Where a contributor or the widow of a contributor requests that an annuity or annual allowance be paid otherwise than in equal monthly instalments, or where the Minister is of opinion that the payment of an annuity or annual allowance in equal monthly instalments is not practicable, the Minister may direct, if such direction does not result in the payment of an aggregate amount greater than the aggregate amount of equal monthly instalments otherwise payable in accordance with subsection (1), that the annuity or annual allowance be paid, in arrears in equal instalments, quarterly, semi-annually or annually.
(3) Where a contributor has become entitled under these Regulations to an annuity or an annual allowance the monthly instalments of which would amount to less than $10 each, there may be paid to that contributor, upon request by him to the Minister in writing within three months from the time when he became so entitled, an amount determined in accordance with subsection (4) to be the capitalized value of the said annuity, which payment shall be in lieu of any other benefit under these Regulations.
(4) Where pursuant to these Regulations an annuity may be capitalized, the capitalized value shall be computed, where the contributor ceases to be engaged as an agent by reason of
(a) age, according to the bases set out in a(f) and a(m) Ultimate Table together with interest at the rate of four per cent per annum; and
(b) illness, according to the mortality basis set out in the Actuarial Report on the Superannuation Account, 1947, together with interest at the rate of four per cent per annum.
(5) For the purposes of subsection (4), the mortality basis set out in the Actuarial Report on the Superannuation Account, 1947, means the select mortality rates derived from the 1924-1947 experience of Public Service ill-health pensioners for use in the 1947 valuation of the Superannuation Account, examples of which appear on page 9 of the Report on Actuarial Examination of the Superannuation Account in the Consolidated Revenue Fund for the period March 31, 1931, to December 31, 1947.
15. Where, upon the death of a contributor, there is no widow to whom an allowance provided in these Regulations may be paid, or where the widow to whom such allowance may be paid dies or ceases to be entitled thereto and no other amount may be paid to her under these Regulations, any amount by which the amount of a return of contributions exceeds the aggregate of all amounts paid to the widow and to the contributor under these Regulations shall be paid to the contributor’s estate, or, if less than $500, as authorized by the Treasury Board.
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