Death of a member
Simplified pension plan (SIPP)
The total sums credited to the deceased member's locked-in and not locked-in accounts will be paid to the deceased member's designated beneficiary or heirs.
Statement of benefits
The financial institution that administers the plan has 60 days following the date on which it was notified of the death to send a statement of benefits to the person who is entitled to the amounts credited to the member's accounts.
Terms of payment
The sums will be paid in a lump sum. If allowed under tax rules, it may be advantageous to transfer them directly to a registered retirement savings plan (RRSP) or to a registered retirement income fund (RRIF).
If you have questions
You should contact the financial institution that administers the plan.