Maximum Benefits

8.08 - The annual pension payable to a Participant in a Plan Year may not exceed the following:

• Pre-1992 Service Maximum Pension
  The annual lifetime pension payable to a Participant under this Plan in respect of pensionable service prior to January 1, 1992, including a pension payable under any other registered pension plan sponsored by a Participating Employer and any pension payable to a Participant's Spouse or former Spouse in accordance with Section 8.09, at retirement, disability, termination of employment or termination of the Plan, shall not exceed the Member's years of pensionable service, prior to January 1, 1992, to a maximum of 35 years multiplied by the lesser of:
• $1,722.22 or such greater amount permitted under the Income Tax Act; and
• 2% of the average of the Participant's best 3 consecutive years' Compensation.
This Section 8.08(a) shall not apply to annual pension benefits of $300 or less per year of pensionable service.
• Pre-1992 Service Maximum Value
  The value of an annual pension benefit provided upon early retirement under this Plan in respect of pensionable service prior to January 1, 1992, shall not exceed the value of the maximum pension as set out in Section 8.08(a) payable at the earliest of age 60, Normal Retirement Date and the age at date of disability, in the form of a single life annuity guaranteed for 10 years.
• Post-1991 Service Maximum Pension
  The annual lifetime pension payable to a Participant, Participant's Spouse or a Participant's former Spouse in accordance with Section 8.09 under this Plan in respect of pensionable service after December 31, 1991, determined at the time of pension commencement shall not exceed the years of the Participant's pensionable service on and after January 1, 1992, multiplied by the lesser of:
• $1,722.22 or such greater amount permitted under the Income Tax Act; and
• 2% of the average of the Participant's best 3 consecutive years' Compensation, reduced, if the pension commencement date precedes the earliest of the date on which:
• the Participant will attain age 60;
• the Participant's age plus Continuous Service (excluding any periods of lay-off and temporary suspension of employment) would have equaled 80;
• the Participant would have completed 30 years of Continuous Service (excluding any periods of lay-off ot temporary suspension of employment); and
• the Participant becomes totally and permanently disabled, as prescribed under the Income Tax Act, by 1/4 of 1% for each month by which the pension commencement date precedes that day.
This Section 8.08(c) shall not apply to any actuarial increases payable as a result of postponed retirement or excess contributions payable under Section 4.07.
• For the purposes of this Section 8.08, the term "pensionable service" shall mean the Participant's period of employment with the Employer in respect of which lifetime retirement benefits are provided to the Participants under the Plan, subject to any restrictions on such periods as prescribed under the Income Tax Act.