Survivor Benefits

Before Retirement 

Prior to Eligibility for Unreduced Early Retirement

In the event of your death prior to being eligible for unreduced early retirement, the death benefit to your spouse (legal or common-law) is the choice of:

 

      a monthly pension payable for life equal to 100% of the pension you accrued  

      to your date of death*

 

      or

 

      a tax-free transfer to a Registered Retirement Savings Plan (RRSP)

 

      or

 

      a lump sum cash payment.

 

*If your spouse elects to receive a monthly pension payable for life, additional benefits may be payable for dependent children.

 

If you are not married, the death benefit is payable in a lump sum to your designated beneficiary or estate.

 

After Eligibility for Unreduced Early Retirement

In the event of your death after becoming eligible for unreduced early retirement, the death benefit to your spouse (legal or common-law) is:

 

      a monthly pension payable for life equal to 100% of the pension you accrued

      to your date of death.

 

If you are not married, the death benefit is payable in a lump sum to your designated beneficiary or estate.

 

Excess Contributions

Under the provisions of The Pension Benefits Act, 1992 (Saskatchewan), not more than 50% of your accumulated contributions plus interest can be used to offset the value of your accrued pension.  If its determined that the balance of your contributions at the time of death exceeds 50% of the value of your accrued pension, the excess contributions shall be paid to your spouse or beneficiary as a lump sum refund.

 

If the excess contributions are payable to your spouse, your spouse may choose to leave such amounts in the Plan to provide for an increased monthly pension.  If your spouse has elected a transfer, a transfer of any excess contributions may also be made.

 

 

After Retirement

In the event of your death after retirement, the death benefit is based on the form of pension you elected at retirement.

 

      If you elected a joint and survivor pension, the benefit will continue to your   

      spouse at either 60%, 75%, or 100% of your pension.

 

      If you elected a single life pension, the benefit will continue to your

      beneficiary for the balance of the guarantee period that was selected.