Pre-Retirement Death Benefits

(1) If a member dies before payment of his pension has commenced, his beneficiary shall receive a lump sum payment equal to the aggregate of– (a) the value of the member’s vested defined balance, including accumulated additional voluntary contributions, if any; and (b) the actuarial equivalent of the member’s vested pension benefit under a defined benefit provision, if any. (2) A beneficiary who is a spouse may elect to receive an immediate or deferred survivor pension in a form which the pension plan may elect to provide, which shall be the actuarial equivalent of the lump sum payment specified in sub-section (1). (3) Where no beneficiary has been appointed, or where the beneficiary predeceases the member, the benefit described in sub-section (1) shall be paid to the estate of the member. (4) If a member dies before becoming fully vested in the pension plan, his beneficiary or estate shall receive a lump sum payment equal to the member’s contributions, if any, plus investment earnings thereon.