Beneficiaries
Beneficiaries and Your PSPP Pension
Not only is your PSPP pension a valuable asset for your future, but it also allows you to make provisions for those who matter most to you.
Death Benefits and Your Loved Ones
In the unfortunate event of your passing, your designated beneficiaries could be eligible for certain death benefits. If you have a spouse or partner, they are automatically considered the primary recipient of any PSPP benefits upon your death, unless they have signed a waiver.
However, it’s crucial to inform us about your beneficiaries, even if you have a pension partner. This information is necessary in the event that both you and your partner pass away simultaneously, or if your partner predeceases you.
More about death before retirement.
More about death after retirement.
Who Can Be a Beneficiary?
Your beneficiary can be:
- An individual or multiple individuals: If you’re designating a minor or a dependent adult, you might consider appointing a trustee to manage the funds on their behalf. Without a named trustee, one may be appointed from Alberta’s Office of the Public Guardian and Trustee.
- A charity: If you choose to name a charity as your beneficiary, please provide the full name and charitable organization number, rather than an individual’s name.
- An estate: You can specify your beneficiary in your will. However, the pension designation in the Will should identify PSPP or your employment-based pension plan.
Keeping Your Beneficiary Information Updated
It’s advisable to periodically review your beneficiary designations. You can easily update your beneficiaries by logging into our secure, online portal, Your Pension Profile.