We’re streamlining beneficiary designations
In an effort to keep our members updated on relevant Plan changes, please note that effective April 1, 2020, the beneficiary categories of “refund recipient” and “payment recipient” will be consolidated into one category: designated beneficiary.
This change is happening as part of an effort to streamline and simplify the beneficiary designation process. The amount and type of the benefits payable at your death will not be changing – we’re simply reducing the number of designations you need to make. There will be no changes to the process related to benefits payable to an eligible spouse or eligible children.
If you have designated a refund recipient or payment recipient, you will see them listed on your 2020 Retired Member Statement in the “Your beneficiaries on file” section.
As of April 1, 2020, all refund recipient and payment recipient designations will be removed and all death benefits (other than those payable to an eligible spouse or eligible children) will be paid to your designated beneficiary(ies) or your estate, if you do not name a designated beneficiary. To learn more about the PSPP’s death benefits, visit the Designating or changing beneficiaries page on our website, and get even more detailed information in our Planning Today for Tomorrow booklet.
Please ensure that you log into your e-services account to update your beneficiaries. For any questions or concerns, please reach out to OPB’s Client Care Centre.
OPB News for Retired Members
Read about the best way to set New Year resolutions that you’ll succeed at, learn about the important changes coming to beneficiary designations this year, and get guidance on what to consider when drawing down on investments in retirement.
Features 5 articles