Acts and Regulations

R-10.21 - Retirement Plan Beneficiaries Act

Table of contents
Full text
Repealed on 1 March 2013
CHAPTER R-10.21
Retirement Plan Beneficiaries Act
Assented to June 17, 1982
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
Repealed: R.S.N.B. 2012, Schedule A
Definitions
1In 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(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 dependents 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,
created before, on or after the commencement of this section;
“will” has the same meaning as in the Wills Act.(testament)
1992, c.16, s.1
Mode of designating beneficiary
2(1)A participant may designate a person to receive a benefit payable under a plan on the participant’s death
(a) by an instrument signed by him or signed on his behalf by another person in his presence and by his direction, or
(b) by will,
and may revoke the designation by either of those methods.
2(2)A designation in a will is effective only if it relates expressly to a plan, either generally or specifically.
2009, c.8, s.1
Revocation by will
3(1)A 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.
Effect of later designation
3(2)Notwithstanding the Wills Act, a later designation revokes an earlier designation, to the extent of any inconsistency.
Effect of revocation by will
3(3)Revocation of a will is effective to revoke a designation in the will.
Validity of designation or revocation
3(4)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.
Validity of designation or revocation
3(5)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.
Effect of revocation of designation on earlier designation
3(6)Revocation of a designation does not revive an earlier designation.
When designation or revocation effective
3(7)Notwithstanding the Wills Act, a designation or revocation in a will is effective from the time the will is signed.
Discharge of and defence available to person administering plan
4Where 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 2 but not in accordance with the terms of the plan; and
(b) the person designated may enforce payment of the benefit payable to him under the plan but the person administering the plan may set up any defence that he could have set up against the participant or his personal representative.
Application of Act
5Where 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 where the benefit payment would have been different if the designation had been made before the benefit payment, in which case the plan applies.
Application of Act
6This Act does not apply to a contract or to a designation of a beneficiary to which the Insurance Act applies.
Regulations
6.1(1)The Lieutenant-Governor in Council may make regulations prescribing funds, trusts, schemes, contracts or arrangements as plans for the purposes of this Act.
6.1(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
Repeal of sections 65 and 66 of Property Act
7Sections 65 and 66 of the Property Act, chapter P-19 of the Revised Statutes, 1973, are repealed.
N.B. This Act is consolidated to March 1, 2013.