Once you receive the Statement of Family Law Value from OMERS, you and your former spouse will need to decide if your pension will be divided.
If you decide to divide your pension, treatment of the pension amounts from the Plan must be clearly set out in the applicable marriage breakdown document (court order, family arbitration award or domestic contract). The document must indicate:
Also, if you have an Additional Voluntary Contributions (AVC) account or you are entitled to a Retirement Compensation Arrangement (RCA) benefit, AVCs and RCA benefits must be addressed separately in the marriage breakdown document. For more about the RCA and AVCs see Step 2 – OMERS Calculates a Statement of FLV.
Q: Are there rules that limit the amount of the FLV that is payable to the former spouse if the parties decide to transfer or divide the member’s pension?
A: Yes. OMERS cannot administer a payment (transfer or division of pension) from the defined benefit provision of the Plan that is more than 50% of the FLV reported in the FSCO Family Law Form 4 (updated with interest until the settlement month). The 50% limit applies per membership (for dual members).
Also, for transfers, OMERS cannot administer a full lump-sum transfer settlement contemplated in a marriage breakdown document if all of the funds have already been from paid the Plan. If partial benefits have been paid, OMERS will not be able to include the spousal portion of benefits already paid in the transfer either.
Submitting an incomplete application WILL significantly delay the process. Top 5 Reasons for Delays
Frequently Asked Questions
FSCO Family Law Forms Reference Guide
Glossary of Terms