Designating your Beneficiaries


Why do I need to designate a beneficiary?

Often our loved ones depend on us for income security. Some of the ancillary benefits provided to you as a member of SHEPP are the pre-retirement and post-retirement death benefits. If you are not survived by a spouse or your spouse has waived their entitlement, your designated beneficiaries may be entitled to these benefits.

How do I designate my beneficiaries?

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.

What happens to my pension if I die before I retire?

Your spouse is automatically entitled to the benefit payable on your death prior to retirement, regardless of your beneficiary designation.

In general, your designated beneficiary is entitled to the pre-retirement death benefit if you do not have a spouse on the date of your death, or if prior to your death:

  • Your spouse elects to waive entitlement to the benefit by completing and submitting the Spouse's Waiver of Pre-Retirement Survivor Benefit form and does not rescind the waiver prior to your death; or
  • A Family Property Act (Saskatchewan) division of your pension occurs prior to your death in which your spouse waives entitlement to any further benefit under the Plan.

What 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.

What will happen to my pension if I don't have any designated beneficiaries when I die?

If you do not name a beneficiary, or if all of your beneficiaries are no longer living, the benefit is paid to your estate.

How often should I update my beneficiaries?

You should review your beneficiary designation regularly to ensure any death benefit payable to your beneficiaries is disbursed according to your wishes.

For more information refer to the Designating a Beneficiaries - Pre-Retirement Information Sheet or watch the How To Update Your Personal Information video on the Video Tutorials page.