You are single, or your spouse has waived entitlement to your pension. With the
below options, your spouse or beneficiary may have continued access to the Plan’s
extended health and dental coverage after your death, for the remaining guarantee
period.
Your single life options are:
Single life pension, 5-,10-, or 15-year guarantee
Single life pension, no guarantee
Let’s say you want to protect someone else with your pension. If you choose a
single life option with a time guarantee, you can choose any individual or your
estate as your beneficiary, subject to a current or former spouse’s entitlement.
Remember, if you have a spouse, you can only choose a single life option if your
spouse signs a waiver stating that they understand they are waiving entitlement to
all or part of a pension income
1. SINGLE LIFE PENSION, 5-, 10- or 15-YEAR GUARANTEE
If you die before the guarantee period expires, the monthly pension will continue to your beneficiary for the remainder of the guarantee period only. If you live beyond
the guarantee period, you will continue to receive your monthly pension, but
there will be no pension paid to your spouse, beneficiary or estate when you die.
Why might I choose this option?
If you should die within the guarantee period, this option leaves a time-limited
income to your beneficiary (e.g., dependant child). This option often appeals to
single members with dependants. For example:
If you have an 11-year-old child when you retire, you may wish to select a
15-year guarantee to ensure some income for that child until they are grown,
if you die before they are 26 (in this example).
If your spouse has RRSPs but wants to defer cashing them in until age 71, you
may want to support your spouse until they can access that other income by
selecting a 5-, 10-, or 15-year guarantee, depending upon their age.
If your family history suggests you will have a shorter life expectancy, when you
retire, you may want to choose a guarantee to leave a lump sum for your estate.
What should I be aware of before choosing this option?
Choosing a longer guarantee period provides you with a somewhat smaller
monthly pension.
No income will be provided to your spouse or beneficiary if you outlive the
guarantee period..
If you have a spouse, you can elect this option only if your spouse waives
entitlement to a portion of your pension.
You cannot change your decision after 60 days from your pension effective date.
DID YOU KNOW:
If you nominate someone under
19 years old and that beneficiary
is still a minor when you die,
their pension entitlement will be
paid to the public guardian and
trustee in trust for the minor.
If you have a former spouse with
whom you have a separation
agreement or court order, the
agreement or order may require
that you provide some of your
pension to them. If you have a
former spouse with such a right,
contact us.
2. SINGLE LIFE PENSION, NO GUARANTEE
You will receive somewhat more than the previous pension
option example for your monthly lifetime pension because
your pension payment is not guaranteed for a specific
period of time. You will receive the basic lifetime pension
amount until you die, with no continuing pension to your
spouse, beneficiary or estate. This is the largest amount of
pension available, but it provides no income or protection
to anyone other than you. All the other options provide less
income because they have guarantees and/or cover two lives.
Why might I choose this option?
If you should die within the guarantee period, this option leaves a time-limited income to your beneficiary (spouse or dependent child). This option often appeals to single members with dependants. For example,
If you are single with no dependants, this option pays the highest monthly pension amount for the rest of your life.
If you have a spouse who is financially secure, this option
offers the highest amount of pension.
If you are significantly younger than your spouse and
you believe it is likely your spouse will pre-decease you,
there may not be a need for your pension to continue after
your death.
What should I be aware of before choosing this option?
No pension income will be provided to your spouse or dependants after your death
If you have a spouse, you can only elect this option if your spouse waives entitlement.
Your spouse or dependant will not have access to group health benefits after your death.
You cannot change your decision after 60 days from your pension effective date. Depending on the option you choose, you may or may not be able to change it before 60 days.
