Pension and retirement plan members in Saskatchewan can now designate beneficiaries through electronic means.
The provincial government recently passed a series of amendments regarding the electronic handling of legal matters. Bill 56 specifically allows individuals to name beneficiaries electronically for certain types of plans including an employee pension, retirement, welfare or profit-sharing fund or plan, a tax-free savings account, a retirement savings plan, retirement income fund or an income averaging annuity contract.
The bill also enables a property attorney or property guardian to make or change a beneficiary designation on behalf of an individual in limited circumstances.
Newfoundland and Labrador’s government is also considering a similar amendment to the provincial Pension Plans Designation of Beneficiaries Act to allow for the designation of beneficiaries by electronic means. The amendment has received its first reading.