Importance of Keeping Beneficiary Information Up to Date
Carrigan v. Carrigan Estate
Recently reported in Benefits Canada: “The Supreme Court of Canada has dismissed the application for leave to appeal in Carrigan v. Carrigan Estate, a case that has changed how pre-retirement death benefits are paid out.”
Plan Administrators should review administrative practices to ensure that plan members are being educated on a regular basis about their pension plan and their responsibilities as a plan member. Plan members need to be made aware that situations such as the Carrigan v. Carrigan Estate case are possible and that keeping their beneficiary information up to date is extremely important. If the Ontario Government Budget is approved, the government intends to propose amendments to the Pension Benefits Act (PBA) and, if necessary, amend the regulations under the PBA.