4th Session, 42nd Legislature
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THE BENEFICIARY DESIGNATION (RETIREMENT, SAVINGS AND OTHER PLANS) AMENDMENT ACT
|Bilingual version (PDF)||Explanatory Note|
(Assented to )
HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:
Section 1 is amended
(a) by replacing the definitions "designation" and "participant" with the following:
"designation" means a designation, whenever made, by
(a) a participant under section 2, or
(b) a representative of a participant under section 2.1; (« désignation »)
"participant" means an individual who is entitled to designate another person to receive a benefit payable under a plan on the individual's death, but does not include a representative; (« participant »)
(b) by adding the following definition:
The following is added after section 2:
The following representatives of a participant may make a designation under this section:
(a) a committee appointed under The Mental Health Act;
(b) an attorney acting under an enduring power of attorney under The Powers of Attorney Act if the power of attorney confers the power to make the designation or renew, replace or convert a plan;
(c) a substitute decision maker for property granted the power under clause 92(2)(f.1) of The Vulnerable Persons Living with a Mental Disability Act.
A representative of a participant may designate a person to receive a benefit on the death of the participant under a plan if
(a) the plan renews, replaces or converts a similar plan of the participant;
(b) the beneficiary designated in the plan is the same person who was the beneficiary designated under the similar plan immediately before that plan was renewed, replaced or converted; and
The following is added as subsection 12(2):
If a designation in a plan is irrevocable and a representative makes a designation under section 2.1 with respect to a plan that renews, replaces or converts the plan, the designation made under section 2.1 must also be irrevocable.
The following is added after section 13:
If a designation is made in an instrument provided by the administrator of the plan, the administrator must verify
(a) the identity of the participant making a designation under section 2; or
Section 14 is amended by adding ", or the representative of the participant," after "against the participant".
The following is added after clause 80(1)(a):
The following is added after section 88:
A committee must include notice of any designation made by the committee under section 2.1 of The Beneficiary Designation Act (Retirement, Savings and Other Plans) with an accounting provided under this Part.
The Powers of Attorney Act is amended by adding the following after subsection 22(1):
An attorney must include notice of any designation made by the attorney under section 2.1 of The Beneficiary Designation Act (Retirement, Savings and Other Plans) with an accounting provided under this section.
The following is added after clause 92(2)(f):
The following is added after section 113:
A substitute decision maker for property must include notice of any designation made by the substitute decision maker under section 2.1 of The Beneficiary Designation Act (Retirement, Savings and Other Plans) with an accounting provided under this Division.
COMING INTO FORCE
This Act comes into force on a day to be fixed by proclamation.