If you were a Member of the Plan or if you were entitled to a deferred pension benefit under the Plan at the date of your death your beneficiary or estate will receive a lump sum that is actuarially equivalent in value to your normal retirement pension assuming you terminated plan membership on your date of death.
This benefit will be paid to your spouse (unless he/she has previously waived his/her rights in writing). If you do not have a spouse, your benefit will be paid to your designated beneficiary, or your estate if no beneficiary has been appointed by you.
Should your spouse be your beneficiary, your surviving spouse can instead choose to receive an immediate monthly lifetime benefit actuarially equivalent to the monthly pension benefit you had earned up to your date of death. Alternatively, your surviving spouse may choose one of the following options by giving written notice to the Pension Committee:
- transfer the value of the death benefit to the registered pension plan of your spouse’s employer, if that plan permits; or,
- transfer the value of the death benefit to a prescribed retirement savings plan; or,
- use the value of the death benefit to purchase an immediate or a deferred life annuity from an insurance company as prescribed by the regulations made under the Pension Benefits Standards Act, 1985 (Canada).
The immediate monthly pension benefit payable to your surviving spouse as described above will commence to be paid to your surviving spouse on the first day of the month coincident with or next following the date of your death.
In the event that you die after you have started to receive a monthly pension, any amounts payable on your death will be determined by the form of pension you elected at retirement.