Occupational Pensions
Occupational pensions not covered by The Pension Benefits Act can be shared under The Family Property Act, which deems pensions to be family assets. For more details about the division of family assets, please visit the Family Property section of this website. Often, the court will direct that this kind of pension be shared by ordering the pension plan member to pay his or her spouse or common-law partner a share of the pension, if and when the member receives it.
Federally-regulated pensions are shared under The Family Property Act. If all or part of a person’s pension benefit in a federally-regulated pension is awarded to his or her spouse or common-law partner under a court order or written agreement, the spouse or partner is entitled to their portion on presenting the order or agreement to the pension plan administrator. However, the spouse or partner does not get their share in funds. Instead, the pension benefit must be transferred to their own pension or retirement benefit plan, or to a locked-in RRSP.
For more information about federally-regulated pensions, contact:
Office of the Superintendent of Financial Institutions Canada
255 Albert Street
Ottawa ON K1A 0H2
Toll-free at 1-800-385-8647
E-mail: information@osfi-bsif.gc.ca
Website: Office of the Superintendent of Financial Institutions Canada