Pension Plan (Tober Enterprises Division)

In The Event of Your Death
Before Retirement
If you are an actively employed plan member and die before retirement, the Plan provides a benefit to be paid to your spouse, beneficiary or estate equal to 100% of the commuted value of your pension earned to your date of death.

Settlement of Spouse's Pension
Your spouse may choose to receive the pre-retirement death benefit from the Plan in the form of a monthly pension benefit, or he or she may choose to transfer the commuted value of the pre-retirement death benefit to:

  • another registered pension Plan
  • an RRSP or life income fund, or
  • purchase a deferred annuity from a Canadian insurance company.
Who Receives Death Benefits
If you have a spouse when you die before retirement, your spouse receives the death benefit unless your spouse has waived the right receive your pension. If you do not have a spouse or your spouse waives the right to receive your pension, the death benefits are paid to your beneficiary. If you have no spouse and have not designated a beneficiary, a pre-retirement benefit will be paid to your estate.

You should complete the Spousal Information/Beneficiary Designation Form so that the Plan records are accurate and up to date. Please note that your spouse can waive the right to receive your pension benefit by completing the waiver section of this form.

After Retirement
Any benefits payable from the Plan on your death after retirement are determined by the pension option you elected when you retired and started your pension. Please see here for descriptions of the different options of pension.

 

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