A new option for Pioneer members
Pioneer is now offering members the option to designate a Pioneer Payable on Death (POD) Beneficiary. As with a trust, it enables a member to make choices about the capital credits prior to their death. A member can complete a POD form designating both primary and secondary beneficiaries. Under this method, the discounted, net present value of the capital credits will be distributed equally in the name of each primary beneficiary. For example, if a member has designated three primary beneficiaries, each will receive one-third of the discounted amount. If one of the three has already passed, the remaining two beneficiaries will each receive half of the discounted amount. The capital credits do not pass to secondary beneficiaries unless all primary beneficiaries are deceased. This method can also be used with a trust by designating the trustee(s) of the trust as beneficiaries.