Can I nominate a beneficiary for my SRS funds?

No. We do not have a provision in the SRS allowing for the nomination of a beneficiary of an SRS account. This is because SRS savings are meant for the SRS members own retirement purposes.

However, if the SRS member passes away, the SRS balances will form part of his estate and will be distributed according to his will or the law (if a will does not exist).

There will be no 5% penalty on withdrawal and only 50% of the sum standing in the SRS account after deducting the amount of deemed withdrawal upon death that is exempt from tax will be subject to income tax. Please also note that SRS operators may require the Grant of Probate or Letters of Administration to be produced by the executor or administrator of the estate to ensure that the assets in the SRS are distributed correctly.