The cases of Richardson Estate v. Mew and Tower Estate v. Tower Estate considered whether a provision in a separation agreement can revoke a prior beneficiary designation. In Orpin v. Littlechild, at issue was a provision included in the will of the deceased, and whether it had the effect of revoking a prior beneficiary designation made under an insurance policy.
Continue Reading...Shortly (eight days) after a series of transactions under which Imasco Inc.’s Shoppers Drug Mart business was transferred to Shoppers Drug Mart Inc. (Shoppers) and then sold (share sale) to institutional investors, Mr. Boys’ employment with Shoppers was terminated. As part of the transactions, Boys’ retained his accrued seventeen year pension under the Imasco pension plan and joined a new successor pension plan established in 2000 for executive employees by Shoppers (the Shoppers Plan). The Shoppers Plan was designed under a “wrap around” arrangement to provide substantially comparable benefits to those provided under the Imasco plan.
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