Step 3 – Make a decision on dividing the pension

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:

  • FLV Date that matches the date on the FSCO Family Law Form 4 – Statement of Family Law Value.
  • Division of the pension benefit expressed as either a specified amount or a percentage of the FLV reported on the FSCO Family Law Form 4 – Statement of Family Law Value. For members with more than one OMERS membership, this must be set out for each membership separately.

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.

Step 3 FAQs

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.

Review all of the information!

Submitting an incomplete application WILL significantly delay the process. Top 5 Reasons for Delays

FSCO Family Law Forms Reference Guide

FSCO Family Law Forms Reference Guide

Glossary of Terms

Glossary of Terms