Tuesday, March 23, 2021

British Columbia Law Institute Report on Pension Division Between Separating Spouses

The British Columbia Law Institute (BCLI) has published a report on Pension Division: A Review of Part 6 of the Family Law Act:

"When a spousal relationship breaks down, the separating spouses are often faced with trying emotional, financial, and legal issues. This report is concerned with one set of legal issues that may arise from the breakdown of a spousal relationship. These legal issues involve the division of a pension between the separating spouses."

"British Columbia has had pension-division legislation in force since July 1995. It has generally worked well, fulfilling its purpose to provide British Columbia with a comprehensive and detailed set of rules on pension division, largely sparing the courts from having to settle, in litigation, issues that call for specialized expertise. Part of the success of this legislation can be attributed to the fact that it has been regularly reviewed and improved, to keep pace with developments in family and pension law."

"The latest version of British Columbia’s pension-division legislation is found in part 6 of the Family Law Act. This legislation has been in force since March 2013. There have been some significant developments in family and pension law since that time. The time is ripe for another review of pension-division legislation."

"This report contains that review. It has found that the legislation is still working well in general. But specific areas can be improved. These improvements are set out in the report’s 25 recommendations for reform."

The recommendations deals with issues such as the death of a spouse; waiving survivor benefits after pension commencement; commuted value: disability benefits; locked-in retirement accounts and life income funds; private annuities; and administrative fees.

More details about the Pension Division Review Project are available on the BCLI website.

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posted by Michel-Adrien at 4:49 pm


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