Marriage Breakdown – new changes that affect the division of pension assets.
On January 1, 2012, the new changes to the family law provisions in the Ontario Pension Benefits Act (PBA) and Ontario Regulation 287/11, regarding the valuation and division of pension assets following a breakdown of marriage or common-law relationship take effect.
Some of the key changes to note:
The former spouse of a plan member will be able to receive an immediate payment of his or her share of the pension assets;
The process for the valuation and dividing the eligible pension benefits is set out in the regulation;
TEIBAS will be responsible for valuing the pension assets;
Approved forms created by the Financial Services Commission of Ontario (FSCO) must be used.
These new changes apply if the court order, family arbitration award or domestic contract that provides for the division of pension assets was made on or after January 2, 2012.
The new changes require members or pensioners to:
Request a valuation of pension assets from TEIBAS
Use the approved forms provided by the Financial Services Commission of Ontario (FSCO) www.fsco.gov.on.ca under “Pension”/”Family Law Forms”.
Submit the forms along with the applicable fees directly to TEIBAS.
- $678 ($600+ $78 HST) is required for a Family Law Value with a single Family Law Value Date.
- $678 ($600+$78 HST) for each subsequent Family Law Value with a different Family Law Valuation date
- If requests are made by both the spouse and member, separate applications are required, along with separate applicable fees.
- Failure to submit payment will result in the delay in processing the member or spouse/former spouse request.
It is important for members or pensioners to complete and submit the appropriate forms with payment in order for the application to be processed. Failure to submit payment will result in the delay in processing the member or spouse/former spouse request.
A Statement of Family Law Values will be issued 60 days from the date TEIBAS receives the completed application.
Submit forms and payment (payable to the “IBEW Local 353 Pension Trust Fund”) to TEIBAS at 110 Sheppard Ave, Suite 705, Toronto, ON M2N 678.
Should you have any questions or require additional assistance, please contact TEIBAS at 416-637-6790
For information regarding the legislative requirements and forms visit the Financial Service Commission Ontario (FSCO) at www.fsco.gov.on.ca.
|New Term||Old Term|
|Family Law Valuation Date||Separation Date|
|Preliminary Value||Total Value of Pension assets accrued during period of plan membership as of Family Law Valuation Date|
|Family Law Value||Portion of the preliminary value that relates to the period of the spousal relationship as of the Family Law Valuation Date|
Listed below are the steps and required forms to request a “Family Law Value” for a marriage breakdown.
STEP 1 - Application for Family Law Value
The pension plan member, spouse or former spouse applies for the Family Law Value by completing an application and submitting it along with the applicable fees directly to TEIBAS.
Family Law Form 1 Application for Family Law Value – use this to request the Family Law Value from TEIBAS. To be completed by the plan member (active, former or retired member) and/or spouse who was married to the plan member.
Family Law Form 2 Joint Declaration of Period of Spousal Relationship – use this to jointly declare the starting date and separation date of your spousal relationship. To be completed jointly by the plan member (active, former or retired member) and his or her spouse/former spouse.
Family Law Form 3 Contact Person Authorization – use this to authorize your lawyer or another person to communicate with and receive information from TEIBAS about the calculation and division of your Family Law Value. To be completed by the plan member (active, former or retired member) and/or his or her spouse/former spouse.
STEP 2 – Plan Administrator responds
TEIBAS will review the application for completeness and calculate the Family Law Value and issue a Statement of Family Law Value to the member.
STEP 3 – Decision by the Member and former Spouse
The member and his or her spouse/former spouse determine whether or not to divide the Family Law Value. The process to divide the Family Law Value or pension must be initiated by the former spouse.
Family Law Form 5 - Application to Transfer the Family Law Value - must be completed by the former spouse for a lump sum transfer.
Family Law Form 6 – Application to Divide a Retired Member’s Pension – must be completed by the former spouse for payment of a pension, as applicable.
Family Law Form 7 – No Division of Family Law Value/Pension Assets - must be completed if either party decides not to divide the Family Law Value.
Once all the required forms, applicable fees and the decision by the member and former spouse, TEIBAS will issue payment within 60 days.
This website describes the Pension plan for members of IBEW Local 353 in plain language. It is not a legal document. If there is a difference between the information contained here and the legal plan documents, the plan documents will apply.