| What if my separation agreement or Court Order does not deal with the pension? |
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An agreement between a spouse and a member, or a court order, that is silent on pension entitlement but that represents a final settlement of the financial affairs is an allocation of the entire pension to the member. |
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| Do my spouse and I need to consult a lawyer to divide the pension? |
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No, a very simple agreement made between spouses, which provides that Part 6 applies to the division of the pension, and sets out the spouse's entitlement date is all that is needed. The agreement must be dated and signed by both spouses, and it must be witnessed. |
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Does the formula for division stated in my agreement have to follow the Family Relations Act formula? |
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The division formula can be varied as long as the proportionate share for the Limited Member does not equal more than 50% of the total pension. Only a Court Order can award the former spouse more than 50% of the pension. |
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| Can a spouse waive their rights to pension entitlement? |
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In every case, an option open to the member and spouse is for them to agree that the spouse will waive entitlement to the pension. |
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I want to buy out my former spouse. Will the Plan office calculate the value of my pension for this purpose? |
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| The Plan cannot do a valuation of the pension for divorce purposes since the type of value that we would produce is not a true representation of the value of a pension for a former spouse into the future. The Plan will provide you with the information required to value the pension, which can be taken to an actuary to have them calculate the appropriate value. |
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| Can I remove my former spouse as my beneficiary for my pension? |
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By law your pension beneficiary must be your spouse if you have one. In order to change your beneficiary you must provide documentation that you are either legally separated or divorced. |
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