Human Resources Legislative Update
Draft Pension Regulations (Asset Division on Marriage Breakdown) Posted for Public Comment
Date: March 4, 2011
On March 3, 2011, the Ontario government posted draft regulations under Bill 133, the Family Statute Law Amendment Act, 2009, and a related Consultation Paper for public review and comment.
Among other family law-related matters, Bill 133 amends the Pension Benefits Act and creates new rules governing both:
(1) the valuation of pension assets by plan administrators for family law purposes; and
(2) the immediate settlement of the former spouse’s entitlement, either through a lump sum transfer if the marriage breakdown occurs prior to retirement or division of the pension in pay, where there is a court order, family arbitration award or domestic contract awarding a payout from the pension.