Spousal survivor pension options

• at the time your plan membership ends, and
• at the time of your death, if you die before retirement, or
  at the time your pension began, if you die after retirement.

Waiving the spousal pension
You and your spouse have the option to waive the spousal survivor benefit. For example, members sometimes choose this option to provide survivor benefits for other dependants or children. Both spouses should consider the implications carefully before signing a spousal waiver. For more information, please contact OPTrust.

Spousal status and commuted value transfers
If you are vested when you leave the Plan, the commuted value you can transfer will vary depending on your spousal status. If you have a spouse when your membership ends, the commuted value of your pension will be higher, provided you have the same spouse when you apply for the transfer.

New spouse during the deferred period?
If you choose a deferred pension and acquire a new spouse after your plan membership ends, your new spouse is legally entitled to receive a 60% survivor pension if you die after retirement. Because your spousal relationship started after you left the Plan, your own pension will be reduced to cover the full actuarial cost of the survivor pension. This cost will depend on your age and your spouse’s age.

You and your spouse may choose to waive this survivor pension. To do this both you and your spouse must sign a spousal waiver form and submit it to OPTrust within the 12 months before your pension starts. Both you and your spouse should consider getting independent legal advice before signing the waiver form. If you submit the waiver, your spouse would no longer be eligible for survivor benefits and your pension would not be reduced.

New spouse after you retire?
If you acquire a spouse after you start to receive your pension, your new spouse is not automatically entitled to a survivor pension. However, you have the option of providing a survivor pension for your spouse. To do this, you must contact OPTrust and submit an application within 90 days of the date you acquire your new spouse. In this case, your own pension will be reduced to cover the actuarial cost of the survivor pension.