What happens to my pension fund if I die in retirement?

The position of your pension fund will then depend on the income option you selected at retirement.

Annuity Plan

If you opted to buy an Annuity Plan, the pension will cease on your death, but your spouse may receive a pension depending on the annuity plan selected by you at retirement. In some instances your pension will continue to be paid for a set period if you selected that option at retirement. However, in general no funds will be payable to your estate for the benefit of your dependants.

Approved Retirement Fund (ARF)

Provided that you qualified, if you opted at retirement to transfer your retirement fund to an Approved Minimum Retirement Fund (AMRF) or an Approved Retirement Fund (ARF), the balance of these funds, on your death in retirement, can be transferred to an ARF owned by your spouse.

On your death (or your spouse's death, if later), the balance of the fund can be paid to your or your spouse's estate for the benefit of dependants on which tax is likely to be payable.

Last updated: November 27, 2017

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