D.A. TOWNLEY  -  Plan Administrators  
 

Pension Plan

 

DIVISION OF BENEFITS ON MARRIAGE BREAKDOWN

What happens to my benefits if my marriage breaks down?

In the event of marriage breakdown or the ending of a common-law relationship, pension benefits are subject to division in accordance with applicable provincial property laws.

For Members employed in B.C., pensions are considered a "family asset" under the Family Law Act (replacing the Family Relations Act March 2013). The division of family assets, including pension credits, comes under that legislation. Part 6 of the Family Law Act provides detailed procedures for valuing and dividing a pension after a marriage breakdown.

The Pension Benefits Standards Act 1985 permits the division of pension assets by a court order or an agreement between the parties. Matrimonial property orders made by a court are enforceable against pension assets or payments.

Your Spouse has enforceable legal rights to a share in the benefits in the Plan and legislation outlines what the Plan is required to do in order to protect his or her rights. In particular, the Administrator must provide your former Spouse or common-law partner with a written statement that outlines the transfer options that are available to him or her.

The Trustees strongly recommend that you seek your own legal advice regarding division of your pension entitlement.

There is an Administration fee incurred for processing the division of pension.

 

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