If you have a spouse, you must name your spouse as your primary beneficiary under British Columbia Pension Legislation. (Please refer to Marriage, Common Law, Separation, & Divorce for the definition of spouse.) Should your spouse wish to waive their right to the death benefits, they must complete a Form 4 – Spouse’s Waiver of Beneficiary Right to Benefits in a Pension Plan, Locked-In Retirement Account, Life Income Fund or Annuity Before Payments Start. This form should be submitted to the UBC Pension Administration Office.
If you do not have a spouse, a beneficiary may be an individual(s), an institution(s), a trustee, or your estate. You may also name a contingent beneficiary, where upon your death, if the primary beneficiary has pre-deceased you, the contingent beneficiary will receive the death benefit.
If your primary or contingent beneficiary designation includes more than one individual or institution, you are required to allocate the percentage of entitlement for each beneficiary.
If you do not designate a beneficiary, the default beneficiary will be your estate.
Designating Your Beneficiary at Enrolment
When you complete your enrolment form to join the UBC Staff Pension Plan, you will be asked to designate a primary beneficiary. If you have a spouse, you will be required to submit proof of age documents for both your spouse and yourself at the time of enrolment.
Changing Your Beneficiary Designation
Changes in your life may occur that mean you may need to change your primary and/or contingent beneficiary on file. In order to change your beneficiary, you are required to complete a Beneficiary Change/Add Form. Please complete and sign this form and submit it to the UBC Pension Administration Office. Your beneficiary must be your spouse unless your spouse elects to waive their entitlement. The following are life changes that may require you to change your beneficiary:
- newly married / common-law spouse
- marriage breakdown, separation or divorce
- welcoming a new child
- death of a loved one
To confirm the change, your beneficiary information is available by signing into myPension with your UBC Campus Wide Login.
In the Event of Death
In the event that one of your beneficiaries dies, you should review and update your beneficiary information, if required. If your primary beneficiary dies, contact the UBC Pension Administration Office. Depending on the life cycle of your pension benefit you may or may not need to update your beneficiary designation.
In the event of your death, if your primary and contingent beneficiaries pre-deceases you, the proceeds will be paid to your estate.
Please refer to our Naming a Beneficiary information sheet for detailed information on designating a beneficiary for your pension.