Statutes of Newfoundland and Labrador 2022 Chapter 13

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

INCOME TAX SAVINGS PLANS ACT

RSNL1990 cI-2
as amended

1. Paragraph 3(b) of the Income Tax Savings Plans Act is amended by deleting the words "his or her" and substituting the words "the plan holder's".

2. Section 4 of the Act is amended by renumbering it as subsection 4(1) and by adding immediately after that subsection the following:

(2) Notwithstanding subsection (1), a designation, or the alteration or revocation of a designation, under a savings plan may be made electronically in accordance with the Electronic Commerce Act.

PENSION PLANS DESIGNATION OF BENEFICIARIES ACT

RSNL1990 cP-5

3. (1) Subsection 3(1) of the Pension Plans Designation of Beneficiaries Act is repealed and the following substituted:

Designation of beneficiary

3. (1) Where, under the terms of a plan, a participant, by a written instrument signed by the participant or on the participant's behalf by another person in the participant's presence and by the participant's direction, has designated a person to receive a benefit payable under the plan in the event of the death of the participant,

(a) the employer is discharged on paying to the person designated the amount of the benefit; and

(b) the person designated may on the death of the participant enforce payment of the benefit.

(2) Subsection 3(2) of the Act is amended by deleting the words "his or her" and substituting the words "the participant's".

4. The Act is amended by adding immediately after section 4 the following:

Electronic form

4.1 Notwithstanding sections 3 and 4, a designation under subsection 3(1), or the alteration or revocation of a designation under section 4, may be made electronically in accordance with the Electronic Commerce Act.