The value of the benefits accrued by each spouse during a marriage or civil union in pension plans under the supervision of (…), can be partitioned upon divorce, legal separation, annulment of marriage, payment of a compensatory allowance, or dissolution or annulment of a civil union. The benefits accrued are included in the family patrimony.
Assessment of the family patrimony
The value of accrued benefits may be obtained by requesting a statement of benefits from (…). Spouses may request a statement of benefits either after undertaking proceedings for legal separation, divorce, annulment of marriage, payment of a compensatory allowance, or dissolution or annulment of a civil union before a court of law; or family mediation with a certified mediator or a joint action in view of the dissolution or annulment of the civil union by a notary.
It should be noted that the document Statement of contributions to your pension plan, issued periodically by (…) to all participants, is not a statement of benefits.
The value of the benefits is established on the basis of the contributions paid into the plan between the date of the marriage or civil union and the date on which the assessment is made, i.e. either the date on which proceedings for legal separation, divorce, annulment of marriage, payment of a compensatory allowance, or dissolution or annulment of a civil union are instituted; or the date on which the spouses stopped living together; or the date shown on the notarized joint declaration settling the consequences of the civil union dissolution, in the case of spouses in a civil union who proceeded with a dissolution of their union before a notary.
Once the value of accrued benefits is established, it is usually divided equally between the former spouses. The spouse of a person who contributes to a pension plan cannot receive more benefits than the participant himself or herself.
Payment of the value of benefits accrued in pension plans
The payment of the value of benefits is not automatic. The spouse must submit a request to (…). (…) sends a confirmation of the amounts awarded to the spouse, on the basis of which he or she can make the necessary arrangements with a financial institution.
The spouse must sign a contract of adhesion with his or her financial institution to one of the following financial vehicles: Annuity contract, Locked-In Retirement Account (LIRA), Life Income Fund (LIF), Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF).
Transfer to an RRSP or a RRIF is only possible if the contributor is entitled to a refund of his or her contributions on the date of assessment of benefits.
The spouse must then send the contract of adhesion to a financial vehicle to (…) in order to allow for the transfer of the awarded amount.
It should be noted that some values cannot be transferred to any of the mentioned financial vehicles and will be payable by cheque, minus the applicable tax deductions.
Effect of the partition of benefits
The partition of benefits will result in a reduction in the amount of benefits that the participant will receive or that the retiree is receiving.
Clientele
- Active or non-active participants,
- Pensioners,
- Married or civilly united spouses of active participants, non-active participants or pensioners, and
legal representative of one of the spouses or former spouses (a lawyer, a notary or a mediator, for example).
Conditions
Spouses must be married or in a civil union.
Married or civilly united spouses who have renounced in whole or in part their right to partition of family patrimony by means of a joint declaration in the context of a legal separation, divorce, annulment of marriage, dissolution or annulment of a civil union, or by means of a notarial deed. arried or civilly united spouses who have renounced in whole or in part their right to partition of family patrimony by means of a joint declaration in the context of a legal separation, divorce, annulment of marriage, dissolution or annulment of a civil union, or by means of a notarial deed.