Power Of Attorney
Have you appointed someone to handle your pension and financial matters if you become incapacitated? It is very important to do so in the event that you are no longer able to deal with your financial decisions in the future.
For the LPF, it is required that you have a Power of Attorney for Property that is valid and operative. The LPF does not need information regarding the Power of Attorney for Personal Care.
When you have a Power of Attorney for Property document, you are granting someone the power to handle your financial matters including your LPF pension. LPF needs a certified copy of your Power of Attorney for Property to accept instructions from the person you appoint as your attorney. Sometimes the Power of Attorney requires other documentation to confirm that it is valid and operative. For example, a note from your doctor may be required indicating that the Power of Attorney is in effect. In this case, this note or letter must also be forwarded to the LPF Office.
An attorney can:
- update your banking information
- request additional taxes to be withheld
- change your mailing address
- sign LPF’s Pension Payment Confirmation Form on your behalf
- redirect LPF Correspondence (e.g. Newsletters, T4A slips, Biennial Pension Statements, Notices etc.) to themselves
- any other pension-related transactions
An attorney cannot:
- change your beneficiary designation
- designate beneficiaries under the LPF Pension Plan
If there is no power of attorney in place and you are physically and/or mentally unable to make pension-related decisions, your family may be required to seek legal advice from the proper authorities and make the necessary arrangements. LPF cannot accept changes without the proper authority, i.e. power of attorney or court order.
A Power of Attorney document will no longer be in effect once you pass away.