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Short title

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

RSN1970 c288 s1

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        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