Benefits for your Survivor
The Affiliates' Pension Plan provides benefits for your survivor in the event of your death. The amount of the benefit depends on whether or not your death occurs before you retire.
If You Die Before You Retire: Lifetime Survivor’s Pension
If you are vested, but have not begun receiving your pension, your qualifying spouse or beneficiary is eligible to receive a survivor’s pension, which will be equal to the greater of:
- 100% of your accrued benefit at the date of your death, payable with early retirement reductions; OR
- Either the monthly amount you would have received had you lived to age 65 and retired on a 100% Joint and Survivor Option or a monthly benefit equal to 66 2/3% of the amount of your accrued benefit if you had lived to age 65, whichever is smaller.
The survivor benefit includes a 36-month guarantee, so if your eligible beneficiary dies before the full 36 payments have been made, the remaining payments will be made to your beneficiary’s beneficiary.
If You Die After You Retire
If the form of payment you elected provides for a spousal or beneficiary benefit, your spouse or named beneficiary will receive the benefit amount on a monthly basis for the rest of his or her life. Because the Affiliates’ Canadian Pension Plan has a 36-month guarantee, if you die before you receive this total amount, your pension benefits will continue to be paid to your designated beneficiary even if you have selected the Single Life Annuity.
It’s important to designate a beneficiary as soon as you become a participant in the Plan. Your named beneficiary is the person who will receive your pension or survivor benefits (if eligible) in the event of your death. You can change your designation at any time; remember to make changes if you experience a life event, such as getting married or divorced. To name or change a beneficiary, complete and submit this Pensioner Beneficiary Designation Form.
If You Are Not Married
If you are not married, you may designate any person or legal entity (for example, a trust) as your beneficiary to receive any eligible death benefits.
If You Are Married
If your are married, you must designate your spouse as your beneficiary. However, if you would like to designate a beneficiary other than your spouse, your spouse will need to sign and notarize the Spousal waiver Form, which forfeits his or her right to a pension benefit.
If you do not name a beneficiary, or if your beneficiary dies first, any remaining benefits will be paid to:
- Your surviving spouse; or, if none
- Your surviving children; or, if none
- Your beneficiary properly designated under the participating employer’s other benefit plans; or if none
- Your estate.