Pension and retirement plan members in Newfoundland and Labrador can now designate beneficiaries through electronic means.
The amendment allows individuals to name beneficiaries electronically for certain types of plans, including a workplace pension, retirement, welfare or profit-sharing fund or plan, a registered retirement income fund, a registered retirement savings plan or a tax-free savings account.
Read: Saskatchewan permitting electronic naming of beneficiaries for pensions, retirement plans
In other news, Manitoba is amending its pension legislation to permit legal representatives of plan members to make a beneficiary designation in the event the member can’t make the designation themselves.
However, the amendment — which received royal assent and will come into effect following proclamation — allows a representative to designate a beneficiary only if the plan renews, replaces or converts a plan made by the participant and the same person is the designated beneficiary of both the new plan and the plan that it replaced.
Read: Manitoba amends pension rules to strengthen regulatory, solvency system