Pension assets are an important part of the savings of the Member of the Plan and are considered to be part of the family assets. The Family Law Act is the provincial law in British Columbia that governs how all family assets, including pensions, are divided when the marriage ends.
The Act states that both spouses are entitled to a share of any Pension earned by either spouse during a marriage. It also clearly sets out how the Administrator is to split the Pension assets between the spouses in order to ensure that both parties receive a fair division of retirement income.
The division of Pension assets is not automatic after a separation or divorce. The former spouse of the Plan Member must apply to the Plan Administrator for the division of the Pension using the applicable forms.
Please contact the Plan Administrator for a copy of the appropriate forms.
Completed forms should be forwarded to the Plan Administrator.
Questions on completing the forms should be directed to the Plan Administrator.