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Do I have to designate a beneficiary?

Designating a beneficiary is not required, however we highly recommend that you do.

Pension legislation states that if no beneficiary is named, then any benefit remaining under the plan upon your death will go to your Estate. This can result in added cost and delay for your loved ones in receiving your benefits under the plan.

We recommend appointing a set of primary beneficiaries and also contingent beneficiaries (i.e. a beneficiary that would receive the benefit if the primary beneficiary is not living at the time of your death).

We also highly recommend revisiting your beneficiary elections following any major life events. You can easily see who is set as your current beneficiary by logging onto your pension account online or by referring to your member statement.

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