Transfer of ownership and appointment of contingent

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Transfer of ownership and
appointment of contingent owner
The following administrative guidelines explain the procedures to transfer ownership rights and/or to appoint a
Contingent Owner under the following Retail products:
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Life Insurance
Critical Illness Insurance
Savings policies
Retirement income policies
Transfer of ownership
 A transfer of ownership is not permitted under a registered policy.
 Transfer of ownership to a minor is not recommended. A child cannot make any changes to the policy until attaining
the age of majority.
 Transfer of ownership cancels the existing appointment of the Contingent Owner and Beneficiaries. It may also result
in a taxable gain for the present Policyholder.
 The new Policyholder can appoint a Contingent Owner and a Beneficiary by completing the appropriate sections of
the Ownership Change or the Client Service Request forms (see our guidelines for Beneficiary change and
appointment of trustee).
 Each additional Owner must complete his/her own form.
Contingent Owner
 The appointment of a Contingent Owner is not permitted under a registered policy.
 A Contingent Owner is named when the Policyholder of a third-party policy is an individual who wants to appoint
someone else to own the policy in the event that he/she predeceases the Life Insured/Annuitant.
 For a Life policy, if the Owner and Life Insured are the same person and there are riders on other lives, the Owner
can appoint a Contingent Owner to exercise the options available under the riders in the event of the Owner’s death.
Completion guidelines – Ownership Change
 Use the Ownership Change form (7697) to request a transfer of all ownership rights to a new Owner and/or to appoint
a Contingent Owner.
 One form may be used to request other changes to the same policy.
 The following sections must be completed:
The information in this document is subject to change without notice.
For advisor use only. This document is not intended for public distribution.
The Standard Life Assurance Company of Canada | Retail Markets | May 2015
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Top of form
 Insurance Representative Name and Code: When the Insurance Representative and the Owner are completing the
form together, the Insurance Representative enters his/her first and last name and Standard Life six-digit code or
FundSERV code in this area.
 Policy number(s): Enter the policy number affected by the change(s).
 Present owner(s): Enter the first and last names of the existing Owner(s).
 Insured/Annuitant: Enter the first and last names of the Insured or Annuitant.
 Telephone no.: Enter the telephone number of the existing Owner(s).
 Cell phone no.: Enter the cell phone number of the existing Owner(s).
 Email address: Enter the email address of the existing Owner(s).
Section 1 – Transfer of ownership to an individual
 Full name of new Owner or Name of legal entity: Enter the new Owner’s name.
 Relationship with present owner: Enter the relationship between the new and previous owners.
 Relationship to Insured/Annuitant (mandatory): Enter the relationship between the new Owner and the Annuitant.
 Date of Birth: Enter the date of birth of the new Owner.
 SIN: Enter the social insurance number of the new Owner.
 Occupation: Enter the new Owner’s occupation, e.g., lawyer, President of ABC Company, teacher. If retired,
indicate the former occupation regardless of age, e.g., retired lawyer, retired teacher, etc.
 Type of resident: Indicate if the new Owner is a Canadian citizen, permanent resident (landed immigrant), etc.
 Reason for change: Specify the reason for the ownership change request.
 Present address: Enter a street address. PO Box numbers are not accepted.
Transfer of ownership to a corporation or entity
 For a transfer to a company/corporation or entity (such as a trust, association, union, etc.), complete all areas of the
section except for the date of birth, social insurance number, and type of resident parts.
 Enter the full legal name of the company or entity.
 For a transfer to a Trust or to an individual in trust for another person, the name of the Trust is entered (examples:
“Trustees of the XYZ Trust Fund” or “John Martin in trust for Joel Martin”).
 For nature of principal business, enter the type of business, e.g. public relations firm, clothing manufacturer, computer
software company, etc.
 Enter a street address. PO Box numbers are not accepted.
Signature
 The Life Insured/Annuitant must sign in this section, if different than the Owner (mandatory for Quebec).
 If the Life Insured is a minor, a consenting parent or guardian must sign on behalf of the child.
The information in this document is subject to change without notice.
For advisor use only. This document is not intended for public distribution.
The Standard Life Assurance Company of Canada | Retail Markets | May 2015
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Instructions to insurance representative
 A.
Indicate if the client is a US citizen or a US resident, for tax purposes.
 B.
For an Individual, provide a valid identification document number, place of issue and expiry date.
For a legal entity (corporation, a charitable organization, an estate or trust), complete and submit the Client
Identification Supplementary Information (form PC6330).
 C.
Indicate if a third party is involved. If so, complete and provide the Third Party Determination form (5097).
Once completed, the insurance representative must sign and date this section.
Section 2 – If an insurance representative is not helping with the transfer of ownership, please complete section
A, B and C
 This section is only completed by a Commissioner for Oaths or a guarantor when no insurance representative is
involved.
 A.
Indicate if the client is a US citizen or a US resident, for tax purposes.
 B.
Commissioner for oaths or guarantor information
For an individual, provide a valid identification document number, place of issue and expiry date. (Include a
legible photocopy of the identification document when submitting the form)
For a legal entity (corporation, a charitable organization, an estate or trust), complete and submit the Client
Identification Supplementary Information (form PC6330).
Once completed, the insurance representative must sign and date this section.
 C.
Indicate if a third party is involved. If so, complete and provide the Third Party Determination form (5097) (To be
completed by client only).
Section 3 – Appointment of Beneficiary
Complete this section in full to appoint a Beneficiary under the policy.
If this form is signed by an individual who has been granted power of attorney by the Contracholder, a beneficiary
designation in only valid in certain circumstances.
 Naming a minor as the primary beneficiary is not recommended, unless a Trustee is also appointed in section 4.
 First name: Enter the Beneficiary’s first name.
 Last name: Enter the Beneficiary’s last name.
 Date of Birth: Enter the Beneficiary’s date of birth.
 Telephone no.: Enter the Beneficiary’s telephone number.
 Relationship to owner: Enter the relationship between the Owner and the Beneficiary.
 Share %: Enter the beneficiary percentage if there is more than one Beneficiary.
 If applicable, enter a Contingent Beneficiary.
Section 4 – Appointment of Trustee (non-applicable in Quebec)
Complete this section in full to appoint a Trustee under the policy.
The information in this document is subject to change without notice.
For advisor use only. This document is not intended for public distribution.
The Standard Life Assurance Company of Canada | Retail Markets | May 2015
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 In the event any named beneficiary is a minor, appoint a Trustee.
 First name: Enter the Trustee’s first name.
 Last name: Enter the Trustee’s last name.
 Date of Birth: Enter the Trustee’s date of birth.
 Relationship to owner: Enter the relationship between the Owner and the Trustee.
 Share %: Enter the trustee percentage if there is more than one trustee.
Section 5 – Contingent Owner
Complete this section in full to appoint a Contingent Owner under the policy.
 First name: Enter the Contingent Owner’s first name.
 Last name: Enter the Contingent Owner’s last name.
 Relationship to owner: Enter the relationship between the Owner and the Contingent Owner
 Occupation: Enter the new Contingent Owner’s occupation, e.g., lawyer, president of ABC Company, teacher. If
retired, indicate the former occupation regardless of age, e.g., retired lawyer, retired teacher, etc.
 Date of Birth: Enter the Contingent Owner’s date of birth.
 SIN: Enter the Contingent Owner’s social insurance number.
Section 6 – Successor Annuitant (***Must be different than the Primary Beneficiary)
Complete this section in full to appoint a Successor Annuitant under the policy. This section is only completed for RIF’s
and non-registered savings plans.
If this form is signed by an individual who has been granted power of attorney by the Contracholder, a successor
annuitant designation in only valid in certain circumstances
 First name: Enter the Successor Annuitant’s first name.
 Last name: Enter the Successor Annuitant’s last name.
 Telephone no.: Enter the Successor Annuitant’s telephone numbers
 Date of Birth: Enter the Successor Annuitant’s date of birth.
 SIN: Enter the Successor Annuitant’s social insurance number
 Gender: Enter the Successor Annuitant’s gender.
Section 7 – Signatures
 This form is dated and signed by the:
 Present Owner(s)
 New Owner
 Present Beneficiary, if the Beneficiary is irrevocable or preferred*
 If this form is signed by an individual who has been granted power of attorney by the Contracholder, some
designations are only valid in certain circumstances
 For a Corporation as Owner, the person(s) signing on behalf of the company must be an authorized signing officer.
The information in this document is subject to change without notice.
For advisor use only. This document is not intended for public distribution.
The Standard Life Assurance Company of Canada | Retail Markets | May 2015
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 A certificate of resolution (certified true extract) OR a certified copy of the by-Laws of the company must be submitted
with the Ownership Change form (even if this requirement was previously submitted at the time of the application or
for another servicing request).
*Designated prior to July 1, 1962, in all provinces except Quebec, a preferred beneficiary refers to a member of a
preferred class, which consists of the Life Insured’s spouse, children, grandchildren, father and mother.
Submitting documentation to Standard Life
 Submit one copy of the Ownership Change form (7697) to register the change(s).
 For mailing and courier addresses, see
Where to send client
documentation
Acknowledgement of changes
Standard Life will acknowledge the change(s) to the new Owner by letter. A confirmation will be sent to the sales office,
and, when requested, to the producer.
The information in this document is subject to change without notice.
For advisor use only. This document is not intended for public distribution.
The Standard Life Assurance Company of Canada | Retail Markets | May 2015
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