Separation or divorce and your pension

Learn how a separation or divorce affects your pension and review the issues to consider.


Dividing your pension

Your pension may be divided between you and your former spouse.

To receive their share of your pension directly from BC's College Pension Plan, your former spouse must become a limited member   of the plan. If they don't do so, you will receive the full pension and be responsible for forwarding your former spouse's share to them.
 

If your former spouse becomes a limited member, they will automatically receive a copy of your Member's benefit statement each year until you start receiving your pension. Some information in the statement will be removed to protect your privacy. However, it will show your pensionable salary and estimates of your future pension payment.

Your former spouse does not have to become a limited member to get this information. They can get a copy of your Member's benefit statement (and other documents to help them determine the value of your pension) by submitting a Form P1 Claim and request for information and notice.

(Note: if you have a former spouse with a right to your pension, the lifetime monthly pension amount reported in your Member's benefit statement will include their share. This means that your actual pension payment will be less than what is shown on the statement.)

If your former spouse becomes a limited member, they can apply to receive their share of your pension as soon as you reach your earliest retirement age   . They can do this even if:
 
  • You are still working and contributing to the plan beyond your earliest retirement age
  • You have ended your job with an employer participating in the plan and left your contributions on deposit with the plan 

When you apply for your pension, we will divide your pension according to the instructions you provided to the plan in your signed separation agreement, registered court order or Form P9.

If you stop working for an employer participating in the plan before your earliest retirement age and transfer your pension as a lump sum to a locked-in retirement vehicle, your former spouse must do the same with their share of the pension.

As a limited member, your former spouse can name a beneficiary(ies)   to receive any pension amounts owing to them after their death.
 

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External links for separation or divorce and your pension

Find an actuary to calculate the value of your pension.