|
|
|
|
|
|
Death of a Member Prior to Retirement |
|
|
|
|
|
- What
is the death benefit if I die before retirement?
|
|
|
|
|
|
1.
What is the death benefit if I die before
retirement?
The death benefit is equal to the sum of the
contributions your employer(s) has contributed on your behalf,
with interest.
If you have a spouse and she or he has not
filed a spousal waiver, your spouse may elect to transfer the death benefit
to a locked-in RRSP or, under certain statutory conditions, to another
pension plan or use it to purchase a deferred life annuity, LIF or LRIF.
He or she can also use it to buy an annuity to provide lifetime retirement
income.
If you do not have a spouse, or if your spouse
has filed a spousal waiver, your beneficiary (or your estate) will receive
the death benefit. This money will be taxable in their hands.
|
|
|
|
|
|
|
|
|
|
