Acts and Regulations

2016, c.13 - An Act to Amend the Pension Benefits Act

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2016, c.13
An Act to Amend the
Pension Benefits Act
Assented to June 28, 2016
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1Section 43.1 of the Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended
(a) by repealing subsection (5) and substituting the following:
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.
(b) by adding after subsection (5) the following:
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.