Job and Life Changes


Before Retirement

If you die before retirement, your surviving spouse is entitled to receive a death benefit equal to the commuted value of your pension. Your spouse may choose to have the death benefit paid in one of the following forms: 

  • a taxable lump sum payment of the commuted value; or
  • a tax exempt transfer of the commuted value to a Registered Savings Plan (RSP); or
  • a monthly lifetime pension, the actuarial value of which is equivalent to the commuted value.

If you do not have a surviving spouse, the benefit is payable as a taxable lump sum payment to your designated beneficiary or estate.

Prior to your death your spouse may waive the right to receive the pre-retirement death benefit by signing the Waiver of Pre-retirement Death Benefit form.

If we have a signed waiver on file, the death benefit would be payable to your beneficiaries or to your estate. Your spouse may revoke the waiver at any time before your death by delivering a written and signed notice of revocation to LPF. If the waiver is revoked, your spouse is again first in line for the death benefit, regardless of any other beneficiary you have designated.

Survivor Benefits are payable in this order of entitlement:

  1. Your eligible spouse is first in line for survivor benefits, unless spousal rights have been waived.
  2. If there is no eligible spouse, a pension will be paid to any designated beneficiary or executor/executrix designated in your Last Will & Testament.
  3. If there is no eligible spouse or designated beneficiary/executor, a person with supporting documents, such as a Certificate of Appointment of Estate Trustee without a Will, may be entitled.
  4. If none of the above apply, the benefit may be paid to the your estate.

The value of the benefit is equal to 100% of the lump sum value of the member’s pension at the time of death.

After Retirement

If you die after retirement, the payment of survivor benefits depends on the form of pension payment you elected at retirement.