Planning for your survivors

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What you need to know

  • your surviving eligible spouse receives 60% of the pension you were receiving
  • if there is no surviving spouse, any benefits are paid to your beneficiaries or estate
    • estate executor may need to apply for Certificate of Appointment of Estate Trustee
    • OPTrust’s process for estate payments

      Step 1: Information to send OPTrust when member or retiree dies:

      • Death certificate, and
      • Contact information for executor

      Step 2:  Depending on whether the member died with or without a Will, when OPTrust receives these documents, we will send the executor:

      an Application for Estate Entitlement form and a letter requesting

      • if the member or retiree died with a Will
        • copy of the Will
        • Certificate of Appointment of Estate with a Will (not needed if there are no outstanding creditors and the payment amount is less than $50,000)
      • if the member or retiree died without a Will
        • Certificate of Appointment of Estate Trustee without a Will (not needed if there are no outstanding creditors and payment amount is less than $50,000)

      Step 3:  Executor sends OPTrust:

      • completed Application for Estate Entitlement form
      • if applicable, a Certificate of Appointment of Estate Trustee with /without a Will

      Step 4:  When these are received, OPTrust sends:

      • request for signed and notarized Executor Declaration (required for amounts from $5,000 to $50,000)
      • request for signed and notarized Beneficiary Declaration (required for amounts from $5,000 to $50,000)

      Step 5:  When OPTrust receives these documents, we send:

      • letter confirming payment
      • cheque, under separate cover, to the executor
      • T4A for the estate, under separate cover, to the executor
  • beneficiaries must be named using the beneficiary form
    • your Will cannot be used to designate beneficiaries for your pension
  • your surviving spouse continues to receive insured benefits, if you were eligible for them

 

How to plan

  • ensure OPTrust has your current beneficiary information
  • tell your beneficiaries they are named as recipients
  • prepare a Will and Power of Attorney for property and personal care and keep the documents in a safe place, known to your executor or next of kin
  • send OPTrust the original or a notarized copy of your Power of Attorney for property (all originals will be returned to the owner)
  • designate a beneficiary for life insurance (if applicable)

When to contact OPTrust

  • have your next of kin or estate executor contact OPTrust when you die
  • contact information changes – address, e-mail, phone number, financial institution or account
  • life event changes – beneficiary change, marriage, common-law, separation, divorce, death of spouse

Forms you need to complete

Additional forms to complete, if applicable

Background material for more information