What happens to your pension after you retire?
If a pensioner lacks the capacity to deal with his or her financial affairs
When a pensioner is no longer able to deal with his or her financial affairs and a Power of Attorney is in effect, OPTrust needs a notarized copy of the document or the original, to validate the appointment. (All original Power of Attorney papers will be returned to the owner). The person appointed under the Power of Attorney may then handle any matters dealing with the pension in the usual manner.
If the pensioner wants to redirect his or her pension material to another address (e.g. to a daughter’s address, so there is assistance available in reading and understanding material), he or she can do so by sending OPTrust a written change of address notice. Then everything we send will go to the new address. We cannot have two addresses on file. Since any bank change under this arrangement would require the pensioner’s signature, we cannot make funds payable to another person or make deposits in someone else’s account without a Power of Attorney or court order.
If there is no Power of Attorney in place, the family needs to seek legal advice from the proper authorities and make the necessary arrangements. OPTrust cannot accept changes without the proper authority, i.e. a Power of Attorney or court order.
If the pensioner has not made the necessary arrangements prior to his or her incapacity, improper withdrawals from a pensioner’s account are unlawful. It is the responsibility of those caring for the pensioner to ensure they act under proper legal authority. They have the legal obligation to act in the best interests of the pensioner. Accordingly, it is the responsibility of the person caring for the pensioner to obtain proper authorization to deal with financial affairs including an OPTrust pension. Pensioners can assist by putting in place a Power of Attorney before incapacity occurs.
Please note that an individual named as a Power of Attorney cannot change life insurance designations, nor can he or she designate beneficiaries under the Plan.