To ensure the security of your benefits in the Plan, it is very important that your file with the Plan Administrator is up-to-date. Here are 3 simple ways you can help:
- Change of address
- Keep your beneficiary designation up to date
- You must notify the Plan Administrator when your address changes.
If you move, please remember to call the pension department at D.A. Townley on 604-299-7482 or 1-800-663-1356 or email email@example.com to update your file.
When you die, the Trustees will pay your benefit to the person you have designated as your beneficiary. The Trustees must follow the designation on file, even if your circumstances have changed.
The Trustees encourage you to review your Annual Statement each year and check that the person listed as your beneficiary is still the most appropriate person to receive your benefit.
All changes to beneficiary designations must be submitted to the Plan Administrator in writing at the following address:
Boilermakers Lodge 359 Production Workers Pension Plan
c/o D.A. Townley
160 – 4400 Dominion Street
Burnaby B.C. V5G 4G3
Remember, if you have a Spouse, he or she is automatically considered to be your beneficiary by law, even if you have nominated someone else. Your Spouse can waive their right to your entitlement by completing a Waiver Form and filing it with the Plan Administrator. Remember though, that the tax-sheltered status of pension money can be maintained if it passes to a Spouse. If a Spouse waives the right to a pension benefit, any payment made to a beneficiary is taxable in their hands.
Under the Plan, Spouse means in relation to another person:
(a) A person who at the relevant time was married to that other person, and who if living separate and apart from that other person at the relevant time, did not live separate and apart for longer than the 2 year period immediately preceding the relevant time; or
(b) If paragraph (a) does not apply, a person who was living and cohabiting with that other person in a marriage-like relationship, including a marriage-like relationship between persons of the same gender, and who had been living and cohabiting in that relationship for a period of at least 2 years immediately preceding the relevant time.
The Trustees also encourage you to review your Annual Statement each year to verify that the amount of contributions remitted to the Plan by your employer(s) matches the amount of Plan contributions your employer(s) has reported on your pay slips. If there is any discrepancy between these amounts, please contact the Plan Administrator.