WHY IS IT IMPORTANT TO IDENTIFY BENEFICIARIES?
Your OPSEU Pension Plan provides benefits for your survivors.
That's why it's important that you identify beneficiaries who will
receive survivor benefits. By informing OPTrust in writing or
electronically through OPTrust's Online Services, we can administer
payment of your survivors' benefits according to your wishes.
Provincial law and the OPSEU Pension Plan dictate who receives
survivor benefits. Usually, benefits are paid automatically to your
surviving eligible spouse. But, you may not have a surviving eligible
spouse or your spouse may have waived entitlement to survivor
benefits. Rules also vary depending on whether you die before or
after you begin receiving a pension and on whether you were
entitled to receive a pension (vested) at the time of death.
This booklet explains the rules. It helps you determine who is eligible
to receive your pension survivor benefits; how to identify that
person or persons; and the information we need to make sure your
instructions are followed. If, after reading this booklet, you have
other questions, please call us at (416) 681-6100 in the Toronto
calling area or 1-800-637-0024 outside the Toronto calling area or
by e-mail at email@optrust.com.
OPSEU Pension Trust uses two forms to identify the people or
organizations who will receive survivor benefits. Both forms are
called Identifying Benefit Recipients and both forms ask you to
identify your spouse, your eligible children and your beneficiaries.
The forms have different form numbers depending on whether or
not you are retired. The OPTRUST 1015 is used while you are
working, when you end your membership by terminating your
employment, are divested or take a deferred pension. This form
identifies who will receive survivor benefits in case you die before
you start receiving a pension. The OPTRUST 1015R is used at
retirement (when you start to receive a pension) and to identify
benefit recipients if you die during retirement. Keep copies of these
forms in a safe place. They are legal documents.
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