Step 2 – OMERS Prepares Family Law Valuation

OMERS will prepare a FSCO Family Law Form 4 – Statement of Family Law Value (FLV) within 60 days of receiving a completed application. This document details the value of pension assets accrued during the relationship and the maximum amount that OMERS can be directed to pay your former spouse if your pension is divided.

Do you have more than one OMERS membership?  If you have separate memberships with different OMERS employers or even with the same employer, either at the same time for different jobs or for a different period of employment, a separate Statement of FLV will be provided for each membership. Each membership is identified by the final two digits in the member’s membership number (e.g., -01 or -02) found in Part C of the FSCO Family Law Form 4. Each membership will have its own FLV as a separate piece of property for equalization purposes. The membership status may also be different (e.g., former member or retired member status) so the form types may be different.

Step 2 FAQs

Additional Voluntary Contribution (AVC) Provision

  • The FLV does not include the value of a member’s AVC account; however, AVC account information must be reported on the Form 4 for use in the equalization of net family property.
  • If a member wishes to use AVC funds for marriage breakdown purposes, the member can withdraw up to 50% of their AVC account balance as at the FLV Date. This withdrawal can be made at any time during the year and is subject to the applicable AVC rules (e.g., locked-in amounts can be transferred only to another locked-in account).
  • To make an AVC withdrawal, the member must provide OMERS with a copy of a court order, family arbitration award or domestic contract that establishes the funds are required for an equalization payment.
  • OMERS does not transfer funds directly from a member’s AVC account to a former spouse – any payment is made directly to the member and the member must arrange the transfer to the former spouse.

Retirement Compensation Arrangement (RCA)

  • The RCA provides benefits for earnings that exceed the defined benefit limits under the Income Tax Act.
  • The RCA is not governed under the Pension Benefits Act and it not included in the FLV.
  • A member may contact OMERS for an RCA pension estimate as at the FLV Date. With the consent of the member, OMERS will also provide the estimate to the member’s former spouse. The amount is an RCA benefit estimate only – the member or the former spouse will have to obtain their own independent valuation of the RCA benefit.
  • OMERS cannot make any payment from the RCA to a person other than to the member or a survivor. Therefore, the RCA benefit cannot be split at source, similar to the defined benefit pension.
  • It would be the member’s responsibility to pay their former spouse if the RCA is split.