Designation of beneficiaries
Effective October 1, 2000 the Canada Post Corporation Registered Pension Plan (the Plan) became the pension provider for all Canada Post employees. Any documents signed under the previous Public Service Superannuation Act (PSSA) became null and void on that date. This means that any beneficiary designations made under the PSSA are no longer valid.
Pension legislation and the Plan terms, state that survivor benefits must be paid to any eligible survivors (survivor pre-retirement, survivor post-retirement and dependent children). If you have eligible survivors, there is no need to designate them as a beneficiary. If you would like to make sure that your children receive the maximum allowable survivor benefits under the Plan, you should designate them as beneficiaries, whether they are dependent children or not.
If you fail to designate a beneficiary, and you have no eligible survivors at the time of your death, your estate will receive any death benefits owing from the Plan. Note that any beneficiary designated under the Plan will be identified on your annual pension statement.