Acts and Regulations

2012, c.114 - Retirement Plan Beneficiaries Act

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Current to 1 January 2024
2012, c.114
Retirement Plan Beneficiaries Act
Deposited December 13, 2012
Definitions
1The following definitions apply in this Act.
“participant” means a person who is entitled to designate another person to receive a benefit payable under a plan on the participant’s death.(participant)
“plan” means any of the following created before, on or after the commencement of this section: (régime)
(a) a pension, retirement, welfare or profit-sharing fund, trust, scheme, contract or arrangement or a fund, trust, scheme, contract or arrangement for other benefits for employees, former employees, directors, former directors, agents or former agents of an employer or their dependants or beneficiaries;
(b) a fund, trust, scheme, contract or arrangement for the payment of a periodic sum for life or for a fixed or variable term; or
(c) a fund, trust, scheme, contract or arrangement prescribed by regulation to be a plan for the purposes of this Act.
“will” has the same meaning as in the Wills Act.(testament)
1982, c.R-10.21, s.1;1992, c.16, s.1
Application
2(1)If this Act is inconsistent with a plan, this Act applies unless the inconsistency relates to a designation made or proposed to be made after the making of a benefit payment and the benefit payment would have been different if the designation had been made before the benefit payment, in which case the plan applies.
2(2)This Act does not apply to a contract or to a designation of a beneficiary to which the Insurance Act applies.
1982, c.R-10.21, s.5, s.6
Methods of designation and revocation
3A participant may designate a person to receive a benefit payable under a plan on the participant’s death and may revoke the designation by either of the following methods:
(a) by an instrument signed by the participant or signed on his or her behalf by another person in the participant’s presence and by his or her direction; or
(b) by will.
1982, c.R-10.21, s.2
Designation by will
4A designation in a will is effective only if it relates expressly to a plan, either generally or specifically.
1982, c.R-10.21, s.2
Revocation by will
5A revocation in a will is effective to revoke a designation made by instrument only if the revocation relates expressly to the designation, either generally or specifically.
1982, c.R-10.21, s.3
Effect of later designation
6Despite the Wills Act, a later designation revokes an earlier designation to the extent of any inconsistency.
1982, c.R-10.21, s.3
Effect of revocation of a will
7The revocation of a will is effective to revoke a designation in the will.
1982, c.R-10.21, s.3
Effect of invalidity of a will
8(1)A designation or revocation contained in an instrument purporting to be a will is not invalid by reason only of the fact that the instrument is invalid as a will.
8(2)A designation in an instrument that purports to be, but is not, a valid will is revoked by an event that would have the effect of revoking the instrument if it had been a valid will.
1982, c.R-10.21, s.3
Effect of revocation on earlier designation
9Revocation of a designation does not revive an earlier designation.
1982, c.R-10.21, s.3
Effective date of designation or revocation by will
10Despite the Wills Act, a designation or revocation in a will is effective from the time the will is signed.
1982, c.R-10.21, s.3
Discharge of and defence available to person administering plan
11If a participant in a plan has designated a person to receive a benefit under the plan on the death of the participant,
(a) the person administering the plan is discharged on paying the benefit to the person designated under the latest designation made in accordance with the terms of the plan, in the absence of actual notice of a subsequent designation or revocation made under section 3 but not in accordance with the terms of the plan; and
(b) the person designated may enforce payment of the benefit payable to him or her under the plan, but the person administering the plan may set up any defence that he or she could have set up against the participant or the participant’s personal representative.
1982, c.R-10.21, s.4
Regulations
12(1)The Lieutenant-Governor in Council may make regulations prescribing funds, trusts, schemes, contracts or arrangements as plans for the purposes of this Act.
12(2)A regulation made under subsection (1) may be retroactive in its operation to January 1, 2009, or to any date after January 1, 2009.
1992, c.16, s.2; 2009, c.8, s.2
N.B. This Act was proclaimed and came into force March 1, 2013.
N.B. This Act is consolidated to March 1, 2013.