This report examines the issue whether section 47 of the Trustee Act ought to apply to RRSPs and RRIFs. It describes the scope and history of this project, looks at the existing law, and concludes that section 47 probably applies to RRSPs, even though its definition of “plan” does not mention them by name. The report also explores the fact that RRIFs as a type of “plan” within the meaning of section 47 is more doubtful. Arguments are advanced for allowing instrument designations of RRSP and RRIF proceeds. This report recommends that RRSP and RRIF owners be able to designate a beneficiary by means of unattested instruments, as provided by section 47 of the Trustee Act. There is a recommendation that any doubt as to whether section 47 covers RRSPs and RRIFs be removed and that section 47 be amended to make it clear that it applies to both RRSPs and RRIFs. The amended wording should apply to all designations, regardless of whether they were made before or after the date of amendment comes into force. In order that section 47 to be kept as current as possible, it is recommended that the amended legislation authorize regulations designating new types of savings arrangements as “plans for the purposes of section 47. The amended Act should also authorize the making of regulations that require issuers to provide annual reminders of subsisting beneficiary designations to plan owners.