Your pension is a valuable asset that you and your employer contribute to over the course of your career. By setting aside an amount from each paycheque, you are able to ensure a secure and lifelong source of income. One of the key aspects of your pension benefit is not just the financial security it will provide for you, but how it may also do the same for your loved ones, as well as other people or organizations in your life that you care about.
In the event of your death, your pension can be a valuable and important benefit for those left behind. Being able to nominate one or more beneficiaries to receive your pension benefit when you die means you have options to protect your family, leave a legacy to your community and customize your estate planning the way you want.
This guide is intended to help you understand the options available when choosing a beneficiary (or beneficiaries) for your pension. Since everyone's circumstances are unique, you are strongly encouraged to consult your financial advisor, estate planner and/or lawyer to determine the options that are best for you.
Who is this guide for?
Limited members (the former spouse of a plan member who is entitled to a portion of the plan member's pension benefits, as a result of a marital breakdown, and have submitted the proper forms and paid an administrative fee)
Disclaimer: Protecting your Pension Benefit: A Guide for Nominating Beneficiaries before Retiring is published for the Teachers’ Pension Plan by the Pension Corporation. This publication is based on the relevant plan rules, regulations and statutes respecting the pension benefits available under the Teachers’ Pension Plan. If there is a discrepancy between this publication and the relevant plan rules, regulations and statutes respecting the pension benefits available under the Teachers’ Pension Plan, the latter will apply.