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CARPENTRY WORKERS PENSION PLAN OF BC 160 4400 Dominion Street Burnaby BC V5G 4G3 phone (604× 2997482 fax 6042998136 toll-free 18006631356 website www.cwbp.ca BENEFICIARY DESIGNATION Your First Name

How to fill out pension beneficiary designation

How to Fill Out Pension Beneficiary Designation:

1. Obtain the necessary forms: Contact your pension provider or employer to request the specific forms required to designate a beneficiary for your pension. They may provide a paper form or an online option.
2. Provide personal information: Fill in your personal details such as your full name, address, date of birth, and social security number. Make sure to double-check the accuracy of this information as any errors may cause complications in the future.
3. Select your primary beneficiary: Indicate the person or entity who will receive the pension benefits upon your death. Provide their full name, relationship to you (spouse, child, etc.), and contact information. It is essential to clearly identify the primary beneficiary to avoid any confusion.
4. Choose contingent beneficiaries: Contingent beneficiaries will receive the pension benefits if the primary beneficiary predeceases you or is unable to claim the benefits for any reason. List their names, relationships, and contact information. You may also specify the percentage allocation each contingent beneficiary should receive.
5. Consider alternate options: Some pension plans may allow you to specify how the benefits should be paid out, such as a lump sum or annuity. Review the options available and select the one that aligns with your preferences and financial goals.
6. Name a custodian for minor beneficiaries: If you have designated a minor as a beneficiary, it is advisable to appoint a custodian who will manage the funds until the minor reaches the age of majority. Provide the custodian's contact details and their relationship to the minor.
7. Review and sign the form: Carefully review all the information you have provided on the form to ensure its accuracy. Once you are satisfied, sign and date the document. Some forms may require a witness or notary signature, so be sure to follow the instructions accordingly.

Who needs pension beneficiary designation?

1. Employees with pension plans: Individuals who have a pension plan through their employer need to fill out a pension beneficiary designation form. This ensures that their desired beneficiaries will receive the pension benefits in the event of their death.
2. Retirees with pension plans: Retired individuals who are receiving or will receive pension benefits should also have a designated beneficiary. It is crucial to update the beneficiary designation periodically, especially if personal circumstances change, such as marriage, divorce, or the birth of a child.
3. Individuals with self-funded pensions: Those who have individual retirement accounts (IRAs) or other self-funded pensions may also need to complete a beneficiary designation form. This helps ensure that the funds are distributed according to their wishes upon their passing.

Note: Pension beneficiary designation is a critical aspect of estate planning, and it is recommended to consult with a financial advisor or attorney to ensure you adhere to specific legal requirements and make appropriate choices for your unique circumstances.

For pdfFiller’s FAQs

What is pension beneficiary designation?

Pension beneficiary designation is the process of officially naming individuals who will receive your pension benefits in the event of your death.

Who is required to file pension beneficiary designation?

Employees who have a pension plan are required to file a pension beneficiary designation form.

How to fill out pension beneficiary designation?

To fill out a pension beneficiary designation form, you must provide the names and contact information of your chosen beneficiaries.

What is the purpose of pension beneficiary designation?

The purpose of pension beneficiary designation is to ensure that your pension benefits are distributed according to your wishes after your death.

What information must be reported on pension beneficiary designation?

The information reported on a pension beneficiary designation form typically includes the names, relationships, and contact information of the beneficiaries.

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