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RSNL1990 CHAPTER P-5

PENSION PLANS DESIGNATION OF
BENEFICIARIES ACT

Amended:

CHAPTER P-5

AN ACT RESPECTING THE DESIGNATION OF BENEFICIARIES UNDER PENSION AND OTHER PLANS

Analysis



Short title

        1. This Act may be cited as the Pension Plans Designation of Beneficiaries Act.

RSN1970 c288 s1

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Definitions

        2. In this Act

             (a)  "designation" means a written instrument referred to in subsection 3(1);

             (b)  "employer" includes the trustee under a plan;

             (c)  "participant" means a person who is participating in a plan established by an employer and who

                      (i)  is or has been employed by the employer, or

                     (ii)  is an agent or former agent of the employer; and

             (d)  "plan" means a pension, retirement, welfare, or profit-sharing fund, scheme, or arrangement, for the benefit of employees, former employees, agents or former agents of an employer.

RSN1970 c288 s2

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Designation of beneficiary

        3. (1) Where, under the terms of a plan, a participant, by a written instrument signed by the participant or on his or her behalf by another person in the participant's presence and by his or her 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 to himself or herself.

             (2)  Where a person designated under subsection (1) seeks to enforce payment of the benefit, the employer may set up a defence that the employer could have set up against the participant or his or her personal representative.

RSN1970 c288 s3

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Revocation of designation

        4. A participant may alter or revoke a designation made under a plan but the alteration or revocation may be made only in the manner set out in the plan.

RSN1970 c288 s4

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Designations by will

        5. (1) Where a designation of a beneficiary is contained in an instrument that is or purports to be a will, the designation shall, notwithstanding another statute or law, have effect from the time it is signed by the person who is, or purports to be, the testator.

             (2)  A designation contained in an instrument purporting to be a will is not invalid by reason only of the fact that the instrument is invalid as a testamentary instrument; and the designation may be revoked or altered by a subsequent designation.

             (3)  Where a designation is contained in a will and subsequently the will is revoked by operation of law or otherwise, the designation is revoked.

RSN1970 c288 s5

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Life Insurance Act

        6. This Act does not apply to a designation of a beneficiary to which the Life Insurance Act applies.

RSN1970 c288 s6

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Uniform interpretation

        7. This Act shall be interpreted so as to effect its general purpose of making uniform the law of the provinces that enact it.

RSN1970 c288 s7