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Survivor Benefit Waiver

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  • Survivor Benefit Waiver

    I understand that a survivor benefit related to a pension, can be waived, and zero $ can be assigned to survivor benefit onto form 13.1.

    Financial Services Commission of Ontario (FSCO) dictates that UP94G, which is a unisex life expectancy table, be used in determine survivor benefits.

    Is it legal to use Statistic Canada (SC) life expectancy values based on sex to calculate the survivor benefit? Would this constitute contracting outside of the law? Would a judge overturn a negotiated value, that was agreed to by both parties and not the value provided by the pension administrator using UP94G?


    The SC (2007) life expectancy values based on sex indicate Ontario male and female, on average, will live to 79 and 84 years, respectively.
    On average, Ontario females live 5 years longer than Ontario males. By using SC values, the survivor benefit would be close to zero if the spouse is male, the pensioner is female, and the male is up to 5 years younger than the female. Using SC makes a huge difference.

    So are the only options 0$ and the value by FSCO rules, or is there some middle ground for survivor benefit valuation?
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