If your spousal relationship ends before retirement

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If your spousal relationship ends, your spouse may become entitled to a portion of your pension accrued during your relationship as part of the equalization process under the Family Law Act. The Pension Benefits Act permits the payment of up to a maximum of 50% of the pension earned during the period of the spousal relationship to your former spouse for the equalization of family property.

Before 2012

The laws governing the division of pensions upon spousal relationship breakdown changed in 2012. If you have a settlement document (i.e. court order, family arbitration award or domestic contract) dated before January 1, 2012 and it requires a division of your pension, the document must clearly identify how your pension is to be divided and you must file a certified copy with OPTrust. Your former spouse is not entitled to receive their share of your pension until you end your membership in the Plan.

After 2011

If your settlement document is dated on or after January 1, 2012 the law requires you to have your pension valued by the pension plan administrator (OPTrust), for equalization purposes. Please contact OPTrust for more information on obtaining this “family law value.” Once you have received your “family law value,” and have finalized the equalization process, you must file a certified copy of your settlement document with OPTrust, if it gives your former spouse a right to a portion of your pension. Your former spouse has the option to transfer a lump sum amount into their locked-in retirement savings arrangement or pension plan (if allowed by that plan), in accordance with the settlement document, and subject to the 50% maximum.