Death Prior to Retirement:

In respect of benefits earned prior to January 1, 1987

There is no death benefit payable except in the case of benefit increases pertaining to service prior to January 1, 1987, which were granted on or after January 1, 1987. Subject to applicable legislation your spouse, beneficiary or estate will be entitled to the actuarial equivalent of such benefit increases.

In respect of benefits earned on or after January 1, 1987

Subject to applicable legislation your spouse, beneficiary or estate will be entitled to receive either a lump sum payment that is the actuarial equivalent of your benefit earned on or after January 1, 1987 or an immediate or deferred pension that is equal to the actuarial equivalent of your benefit earned on or after January 1, 1987.

Death After Eligibility for Early Retirement:

If you die after you are eligible to receive an early retirement pension, your spouse will be entitled to receive an immediate pension equal to 60% of the pension you would have received had you retired on your date of death.

Alternatively, your spouse may elect to receive a lump sum death benefit as described under “Death Prior to Retirement” in one or more of the following forms:

(i) to another registered pension plan provided that the other plan agrees to accept the payment, or

(ii) to a prescribed retirement savings arrangement, or

(iii) for the purchase of a deferred or immediate life annuity from an insurance company.

Death after Normal Retirement:

If you die after your Normal Retirement Date but prior to pension commencement and you have a spouse, your spouse will receive an immediate monthly pension which is actuarially equivalent to the pension to which you would have been entitled to had you terminated on your date of death and elected the normal form of pension.

If you die after your Normal Retirement Date but prior to pension commencement and you do not have a spouse, your beneficiary or estate will receive a lump sum which is actuarially equivalent to the pension to which you would have been entitled to had you terminated on your date of death and elected the normal form of pension.

Subject to any applicable legislation any benefits payable on or after your death will be payable to your spouse. If you do not have a spouse or designated beneficiary, any amounts that would be payable after your death will be made payable to your estate.

Death After Commencement of Pension:

If you die after you have started to receive a monthly pension, there shall be payable such amount, if any, as determined by the form of pension elected at the time of retirement.