First

Session, 50th General Assembly

Elizabeth II, 2022

BILL 57

AN ACT TO AMEND THE

INCOME TAX SAVINGS PLANS ACT AND THE PENSION PLANS DESIGNATION OF

BENEFICIARIES ACT

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE SARAH

STOODLEY

Minister of Digital

Government and Service Newfoundland and Labrador

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would

amend the Income Tax Savings Plans Act and the Pension Plans Designation of Beneficiaries Act to

allow for

the designation of beneficiaries by electronic means; and

incorporate

gender-silent language.

A BILL

AN ACT TO AMEND THE INCOME TAX SAVINGS

PLANS ACT AND THE PENSION PLANS DESIGNATION OF BENEFICIARIES ACT

Analysis

INCOME

TAX SAVINGS PLANS ACT

S.3 Amdt.

Death of plan holder

S.4 Amdt.

Designation of beneficiary

PENSION

PLANS DESIGNATION OF BENEFICIARIES ACT

S.3 Amdt.

Designation of beneficiary

S.4.1 Added

Electronic form

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

INCOME TAX SAVINGS PLANS ACT

RSNL1990 cI-2

as amended

1. Paragraph 3(

b) of the Income Tax Savings Plans Act is amended by deleting the words

"his or her" and substituting the words "the plan holder's".

Section 4 of the Act is amended by renumbering

it as subsection 4(1) and by adding immediately after that subsection the

following:

(2) Notwithstanding subsection (1), a designation,

or the alteration or revocation of a designation, under a savings plan may be

made electronically in accordance with the Electronic

Commerce Act .

PENSION PLANS DESIGNATION OF BENEFICIARIES ACT

RSNL1990 cP-5

3. (1) Subsection 3(1) of the Pension Plans Designation of Beneficiaries Act is repealed and the

following substituted:

Designation of

beneficiary

(1) Where,

under the terms of a plan, a participant, by a written instrument signed by the

participant or on the participant's behalf by another person in the

participant's presence and by the participant's direction, has designated a

person to receive a benefit payable under the plan in the event of the death of

the participant,

(

a) the employer is

discharged on paying to the person designated the amount of the benefit; and

(

b) the person

designated may on the death of the participant enforce payment of the benefit.

(2) Subsection 3(2) of the Act is amended by deleting the words "his or her" and

substituting the words "the participant's".

4. The Act is

amended by adding immediately after

section 4 the following:

Electronic form

4.1 Notwithstanding

sections 3 and 4, a designation under subsection 3(1), or the alteration or

revocation of a designation under

section 4, may be made electronically in

accordance with the Electronic Commerce

Act .

Queen's Printer