Death before retirement
In the event you die before you begin receiving your pension, the Plan will provide a death benefit to your named beneficiary(ies) equal to the commuted value of the pension you have earned.
If you have a spouse, your spouse will be your beneficiary in the event of your death. Your spouse may elect to:
- if eligible, receive an immediate pension from MEPP; or
- transfer the death benefit to an RRSP on a tax deferred basis; or
- receive the death benefit as a single taxable payment (less required tax deductions).
If you wish to name someone other than your spouse as your beneficiary, your spouse must complete and sign a Spouse’s Waiver of Pre-Retirement Survivor Benefit form.
If you do not have a spouse, or if your spouse has waived entitlement to death benefits, your named beneficiary(ies) or estate would receive a single taxable payment (less required tax deductions)
Read more in the MEPP In-Depth Designation of Beneficiary Before Retirement.
Death after retirement
If there is a spouse, the spouse would qualify for a spousal pension, which is paid for the spouse's lifetime.
If there is no spouse, in many cases there are no further payments. If the member had been collecting pension for more than 15 years, there would be no further payments.
If the member had been collecting pension for less than 15 years since retirement, the payments would go to the beneficiaries on account until the end of the 15-year guarantee period.