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When a pension jurisdiction requires that the pension benefit incorporate a "joint and survivor" form...

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Finance

When a pension jurisdiction requires that the pension benefit incorporate a "joint and survivor" form of pension, which of the following statements is/are true?

1. The intention is to have the actual pension benefit amount based on the combined life expectancies of the member and the member's spouse.

2. In most jurisdictions, the only action required for a plan member to opt out of this provision is to personally sign a pre-printed form in which he personally declines the provision.

3. A pension that incorporates a joint and survivor form of pension will provide a member with a higher benefit amount than when the pension is based on the member's life only (assuming all other features and guarantees are the same).

4. If a member pre-deceases his spouse and his pension incorporates a joint and survivor form of benefit, a predetermined percentage of the member's pension will continue to be paid to the surviving spouse for her remaining lifetime.

5. By electing a joint and survivor form of pension, the plan member is able to income split with his spouse by sharing his monthly pension income during the member's lifetime.

options

1 and 2

1 and 4

2 and 3

3 and 4

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