BILL 19

An Act to Amend the Pension Benefits Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 43.1 of the Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended

(a)  by repealing subsection (5) and substituting the following:

43.1( 5) If the member or former member has a spouse or a common-law partner at the date of death, a designation under subsection (4) has no effect unless the spouse or common-law partner waives any entitlement he or she may have to a payment under this section in a form provided by the Superintendent.

(b)  by adding after subsection (5) the following:

43.1( 5.1) A waiver under subsection (5) is not valid unless delivered to the administrator of the pension plan before the date of death of the member or former member.

43.1( 5.2) A waiver under subsection (5) may be revoked by the member and the member’s spouse or common-law partner or by the former member and the former member’s spouse or common-law partner in a form provided by the Superintendent.

43.1( 5.3) A revocation under subsection (5.2) is not valid unless delivered to the administrator of the pension plan before the date of death of the member or former member.