Can a pension administrator change the joint life beneficiary of a pension post-commencement?
British Columbia, Canada
The following excerpt is from Tarr Estate v. Tarr, 2013 BCSC 1994 (CanLII):
It is settled that a pension administrator cannot change the joint life beneficiary of a pension post-commencement. However, that does not mean a beneficiary’s entitlement is absolute. A beneficiary can agree to waive their survivorship benefits. In such instances, the court can make an order that the beneficiary is not entitled to survivor benefits and has a duty to hold such benefits in trust for a newly designated beneficiary: Wice v. Wice, 2009 BCSC 655.
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