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/her financial affairs and a Power of Attorney is in effect, OPTrust needs a copy of the document
or the original, in order to validate the appointment. (All
original PoAs are returned to the owner.) Then the person appointed under the Power of Attorney can handle any matters dealing with the pension in the usual manner. If the pensioner wants to redirect his/her material to another address (e.g. to a daughter's address, so there is assistance available in reading and understanding material), he/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 Power of Attorney or a 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. Power of Attorney
or court order.
The pensioner may have made all the arrangements prior to his/her incapacity,
but if he or she has not, 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 Power of Attorney before incapacity occurs.
Please note that Power of Attorney cannot change life insurance designations, nor can he or she designate beneficiaries under the Plan.
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