Children (before retirement)


Can I designate my children as a beneficiaries?

Yes, you may name your children as beneficiaries. However, upon your death, your surviving spouse is automatically entitled to receive the pre-retirement death benefit, regardless of your beneficiary designation. Your designated beneficiaries will only receive the benefit if:

  • You are not survived by a spouse;
  • A division of your pension occurs prior to your death pursuant to The Family Property Act in which your spouse waives entitlement to any further benefit under the Plan; or
  • Your spouse waives entitlement to the benefit by completing and submitting the Spouses Waiver of Pre-Retirement Survivor Benefit form and does not rescind the waiver prior to your death.

What if my children are minors?

Upon your death, SHEPP cannot pay a benefit directly to a minor (someone under 18 years of age). If you designate a minor beneficiary, you may appoint an individual or organisation as trustee to receive any benefit payable in trust for your minor beneficiary. If a trustee is not designated, SHEPP will pay the benefit to the minor's legal property guardian or, if none, to the Public Guardian and Trustee of Saskatchewan. To designate a trustee, login to SHEPPWeb and update your beneficiary designation or complete and submit a new Designation of Beneficiary form.

How is my SHEPP death benefit divided if I designate more than one beneficiary?

If you are not survived by a spouse, and you designate more than one person as your primary beneficiary, the benefit will be paid in equal shares to all of your named primary beneficiaries. For example, if you designate three primary beneficiaries, each will receive a one-third share of the benefit. If any of your primary beneficiaries predecease you, any benefit payable will be shared equally among the surviving named primary beneficiaries. For example, if you designate three primary beneficiaries and one predeceases you, your death benefit will be paid in equal shares to the two surviving beneficiaries. If all of your primary beneficiaries predecease you, then the benefit will be paid in equal shares to all of your named contingent beneficiaries.

How do I designate a beneficiary?

When you join SHEPP you are asked to designate a beneficiary. Your designation goes into effect once you have completed and submitted the required form. You can change your beneficiary designation as often as you wish; just login to SHEPPWeb to designate your beneficiaries online or complete and submit a new Designation of Beneficiary form. Once you have completed a new designation, it will replace any previous beneficiary designations.

For more information refer to the Designating Beneficiaries - Pre-Retirement Information Sheet.