Starting January 1, 2012, OMERS and other pension administrators in Ontario will have to follow new regulations for settlement of pension benefits in the event of a marriage breakdown (including common-law relationships).
Under the new rules, a plan member (or member’s spouse, as applicable) will be required to use specific forms, being developed by the Financial Services Commission of Ontario (FSCO), to apply to a pension administrator for a valuation of pension entitlements, or to apply for any of the settlement options. FSCO has posted FAQs online at www.fsco.gov.on.ca.
OMERS role in supplying pension information after a marriage breakdown is specifically set out in Ontario pension legislation and regulations. As an administrator, OMERS is required to follow specific guidelines for the valuation and administration of settlement options. OMERS is preparing for the new regulations and will provide updates as more information is available. Please note that from January 1, 2012 onward, OMERS can only accept applications using the FSCO-approved forms under the new rules.