43.1(1)Subject to subsections (7) and (8), if a former member of a pension plan dies before the commencement of payment of a deferred pension to which the former member is entitled under section 35, the spouse or common-law partner of the deceased former member at the date of death is entitled to a payment equal in amount to the commuted value of the deferred pension.

43.1(2)Subject to subsections (7) and (8), if a member of a pension plan is entitled to a deferred pension under section 35 on termination of employment and dies while employed, the spouse or common-law partner of the deceased member is entitled to a payment equal in amount to the commuted value of the deferred pension.

43.1(3)Where a member of a pension plan is not entitled to a deferred pension under section 35 and dies while employed, the spouse or common-law partner of the deceased member is entitled to payment of the deceased member’s contributions with interest.

43.1(4)A member or former member may designate a beneficiary and the beneficiary is entitled to the payment referred to in subsection (1), (2) or (3), as the case may be.

43.1(5)If the member or former member has a spouse or a common-law partner at the date of death, a designation under subsection (4) has no effect unless the spouse or common-law partner waives any entitlement he or she may have to a payment under this section in a form provided by the Superintendent.

43.1(5.1)A waiver under subsection (5) is not valid unless delivered to the administrator of the pension plan before the date of death of the member or former member.

43.1(5.2)A waiver under subsection (5) may be revoked by the member and the member’s spouse or common-law partner or by the former member and the former member’s spouse or common-law partner in a form provided by the Superintendent.

43.1(5.3)A revocation under subsection (5.2) is not valid unless delivered to the administrator of the pension plan before the date of death of the member or former member.

43.1(6)Where the member or former member does not have a spouse or common-law partner at the date of death and has not designated a beneficiary under subsection (4), the payment shall be made to the estate of the member or former member.

43.1(7)Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer, and the benefit to the surviving spouse, surviving common-law partner, designated beneficiary or estate under that plan is at least equal to the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) does not apply and the administrator shall pay to the surviving spouse, surviving common-law partner, designated beneficiary or estate, as the case may be, a sum equal to the contributions of the member or former member with interest.

43.1(8)Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer and the benefit to the surviving spouse, surviving common-law partner, designated beneficiary or estate under that plan is less than the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) shall be reduced by the amount of the benefit under the group life insurance plan.

43.1(9)Where the contributions with interest of the member or former member are in excess of those required for the benefit referred to in subsection (1), (2) or (8), the administrator shall pay that excess to the surviving spouse, surviving common-law partner, designated beneficiary or estate, as the case may be.

43.1(10)This section applies only in respect of deaths occurring after the commencement of this section.

43.1(1)Subject to subsections (7) and (8), if a former member of a pension plan dies before the commencement of payment of a deferred pension to which the former member is entitled under section 35, the spouse or common-law partner of the deceased former member at the date of death is entitled to a payment equal in amount to the commuted value of the deferred pension.

43.1(2)Subject to subsections (7) and (8), if a member of a pension plan is entitled to a deferred pension under section 35 on termination of employment and dies while employed, the spouse or common-law partner of the deceased member is entitled to a payment equal in amount to the commuted value of the deferred pension.

43.1(3)Where a member of a pension plan is not entitled to a deferred pension under section 35 and dies while employed, the spouse or common-law partner of the deceased member is entitled to payment of the deceased member’s contributions with interest.

43.1(4)A member or former member may designate a beneficiary and the beneficiary is entitled to the payment referred to in subsection (1), (2) or (3), as the case may be.

43.1(5)A designation under subsection (4) has no effect if the member or former member has a spouse or common-law partner at the date of death.

43.1(6)Where the member or former member does not have a spouse or common-law partner at the date of death and has not designated a beneficiary under subsection (4), the payment shall be made to the estate of the member or former member.

43.1(7)Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer, and the benefit to the surviving spouse, surviving common-law partner, designated beneficiary or estate under that plan is at least equal to the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) does not apply and the administrator shall pay to the surviving spouse, surviving common-law partner, designated beneficiary or estate, as the case may be, a sum equal to the contributions of the member or former member with interest.

43.1(8)Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer and the benefit to the surviving spouse, surviving common-law partner, designated beneficiary or estate under that plan is less than the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) shall be reduced by the amount of the benefit under the group life insurance plan.

43.1(9)Where the contributions with interest of the member or former member are in excess of those required for the benefit referred to in subsection (1), (2) or (8), the administrator shall pay that excess to the surviving spouse, surviving common-law partner, designated beneficiary or estate, as the case may be.

43.1(10)This section applies only in respect of deaths occurring after the commencement of this section.