Your LAPP pension is a great investment in your own future. It also lets you plan for people who are important to you. If you have a spouse or partner, that spouse or partner is automatically first in line for any LAPP benefits if you pass away. These death benefit rights can be given up by your spouse or partner signing the appropriate waiver. It is very important that you keep your beneficiary information up to date, even if you have a spouse or partner in case you pass away at the same time or if your spouse or partner dies before you.
People or charities can be beneficiaries. If you name a charity, use the full name and charitable organization number instead of a person’s name.
If you are naming a minor, you will want to name a trustee to look after the funds on the minor's behalf. If you do not name a trustee, a Public Trustee will be appointed.
You can also use a will to designate who will receive any benefit from LAPP. If you do decide to name a LAPP beneficiary in your will, it is helpful to note the Plan by its proper name: Local Authorities Pension Plan.
Remember, your spouse or partner is automatically first in line for any LAPP benefits if you pass away before retirement, unless your spouse or partner has signed a waiver. Even if your pension partner waives their rights to a death benefit, they still cannot be designated as a beneficiary. Do not list your pension partner as a beneficiary.
If you have a spouse or partner at retirement and they complete a Pension Partner Waiver they are automatically your sole designated beneficiary if you chose a Single Lifetime pension with a guaranteed period. Your spouse or partner can also complete a Death Benefit Waiver giving up that right to be the sole beneficiary of the guaranteed period and you can name any beneficiary for the guaranteed period.
If you have not provided the names of your beneficiaries to LAPP or in your will, any funds will be paid out to your estate.
You should occasionally review who you have named as a beneficiary. Changes in your family, finances and other things might mean you want to change who has been named. A great way to check on which beneficiaries you have named to LAPP (outside of a will) is by logging in at the top right corner of this website and reviewing Your Pension Profile, LAPP’s secure area where you can also add or change your beneficiary(ies) on file with LAPP.
Finally, you may want to consider getting legal and financial advice when you are making these decisions.