Surviving Spouse Annuity

1.46 - Surviving Spouse Annuity for a retired Participant who has a Spouse means equal monthly pension benefit payments in a reduced amount (compared with the amount of a Life, Guaranteed Ten (10) Years annuity) to the Participant for such Participant's lifetime and continuing payments to the Participant's Surviving Spouse for life of 60% (66-2/3% in Manitoba) of the reduced monthly amount paid to the Participant. The amount of the Surviving Spouse Annuity shall be such that the Commuted Value of the expected payments to the Participant and the Surviving Spouse is Actuarially Equivalent to the benefit otherwise payable thereunder (excluding the supplement under Section 6.03).