Commuted Value

1.12 - Commuted Value means, in relation to benefits that a Person has a present or future entitlement to receive, a lump sum amount which is the actuarial present value of those benefits computed using rates of interest, the actuarial tables and other assumptions that are adopted by the Trustees on the recommendation of the Actuary for purposes of the Plan, subject to any requirements of the Pension Benefits Act and Income Tax Act.