Pension plans and the New Wills and Succession Act
February 2, 2012
Edmonton - The new Wills and Succession Act came into effect on February 1, 2012. This new Act consolidates many of the succession laws previously covered under several different pieces of legislation into one Act.
The new Act makes no change to the law regarding designations of beneficiary as a means of plan members advising their plan administrator of how plan benefits are to be paid if the member dies.
How does this affect pension plan employers?
Forms and reference materials are being updated by APS to reflect the need to change the words "Executor" or "Administrator of Estate" with "Personal Representative" as required under the new Act.
How will this affect plan members?
Designations of beneficiary forms completed by plan members remain in force. Members retain the right to use their will to show how their property is to be distributed. As always, we encourage plan members to refer to their pension plan by name when drawing up their wills.