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The division of pension entitlement on marriage breakdown is dealt with under Part 6 of the Family Law Act. The Family Law Act comes under the jurisdiction of the Ministry of Attorney General. If you have questions concerning your entitlement as a result of a marriage breakdown, you should seek legal advice.
Plan administrators and members, as well as consultants and lawyers, who have questions concerning the division of pension entitlement on marriage breakdown, may also refer to the Questions and Answers About Pension Division on Marriage Breakdown in British Columbia.
Pensions are a “Family Asset” under the Family Law Act. The division of family assets, including pension credits, comes under that legislation. Part 6 of the Family Law Act provides detailed procedures for valuing and dividing a pension after a marriage breakdown. The division may be made through a matrimonial property order made by a court in British Columbia.
A pension is considered a “Family Asset” under the Family Law Act. To waive your rights to each other’s pensions, please contact your lawyer and also your plan administrator or financial institution for the necessary forms.