Prescribed annuity

In addition to any requirements under the Insurance Act, a prescribed annuity must meet the following requirements– (a) the annuity must be payable for life; (b) payments must be made on a regular monthly basis; (c) the cannot be commuted or surrendered except as provided under the Act or these Regulations; (d) the annuity must not commence prior to a member reaching age 55; (e) a guarantee period of up to 15 years may be provided. 36 Private Pensions