Death Before Retirement:
In the event of your death prior to receiving pension benefits, the death benefit to your spouse (legal or common-law) is the choice of:
· a monthly pension payable for life or
· tax-free transfer to a Registered Retirement Savings Plan (RRSP) or
· a lump sum cash payment.
If you are not married, the death benefit is payable in a lump sum to your designated beneficiary or estate.
Death After Retirement:
In the event of your death after retirement, the death benefit is based on the form of pension you elected at retirement.
· If you elected a joint and survivor pension, the benefit will continue to your spouse at 60%, 75%, or 100% of your pension.
· If you elected a single life pension, with a guarantee period, the benefit will continue to your beneficiary for the balance of the guarantee period that was selected.
· If you selected the normal pension – a single life with no guarantee period, no further benefits are payable after your death.