User Guide - Statement of Family Law Value
Contents
1. greater benefit compare the termination value of each benefit as of the Family Law Valuation Date In other circumstances refer to the list of the Financial Services Commission of Ontario s FSCO Family Law Forms and use the statement that applies to the Plan Member The information provided in this Statement is required for the court order family arbitration award or domestic contract that will provide for any division of the Family Law Value and to complete an Application to Transfer the Family Law Value FSCO Family Law Form 5 Upon receipt of a completed Application for Family Law Value FSCO Family Law Form 1 the Plan Administrator must provide a copy of this Statement at the same time to both the applicant and the applicant s spouse former spouse within 60 days in accordance with section 67 2 9 of the PBA and section 25 of Regulation 287 11 If the Plan Administrator is not the employer e g as in the case of a multi employer pension plan the Plan Administrator will need to obtain information from the employer to complete this Statement In such cases the Plan Administrator must make best efforts to obtain the necessary information from the employer in order to provide a copy of this Statement to both the applicant and the applicant s spouse within the 60 day period If the Application for Family Law Value FSCO Family Law Form 1 is not complete the Plan Administrator may complete the Plan Administrator Request for Informa2. 3 1 Page 3 of 6 Queen s Printer for Ontario 2015 Part F Certification by the Plan Administrator or Plan Administrator s Agent or Representative Refer to section 24 8 of Regulation 287 11 Complete the date when the completed Application for Family Law Value FSCO Family Law Form 1 was received from the applicant The Plan Administrator must provide this Statement to both the applicant and his her spouse former spouse within 60 days of receiving a completed application Confirm the nature of the Plan Member s entitlement under the pension plan and that the required appendices have been completed by checking the applicable boxes Certify the information shown on the Statement by signing and dating it If the Plan Administrator s authorized agent or representative has completed and signed this Statement contact information about the Plan Administrator s authorized agent or representative must also be provided Next Steps Refer to section 26 of Regulation 287 11 In this Part list the additional information or documents that must be provided before the Family Law Value can be divided and the former spouse of the Plan Member s share transferred out of the pension plan Some examples that may be listed are Canada Revenue Agency form s required for any lump sum transfers locking in agreements that must be completed if the former spouse wishes to transfer his her share of the Family Law Value to a financial institution or informat
3. Family Law Value FSCO Family Law Form 1 because there are two proposed Family Law Valuation Dates you must prepare two Statements of Family Law Value FSCO Family Law Form 4A The applicant and his her spouse former spouse are entitled to receive both Statements each showing a different Family Law Value based on one of the two proposed Family Law Valuation Dates Complete the information related to the starting date of the spousal relationship using the information provided by the applicant under Part E of the Application for Family Law Value FSCO Family Law Form 1 Complete the Family Law Valuation Date using the information provided by the applicant under Part F of the Application for Family Law Value FSCO Family Law Form 1 Information about the Family Law Value and the maximum amount that may be assigned and transferred to the former spouse of the Plan Member should be completed at the very end Appendix C Worksheet for Family Law Value Calculations of this Statement must be completed first Part B Pension Plan Information Refer to section 24 2 1 of Regulation 287 11 Complete the pension plan information Section 8 of the PBA sets out who can be the Plan Administrator Part C Plan Member Information Refer to section 24 2 2 of Regulation 287 11 Complete the information about the Plan Member using the information provided by the applicant under Part C of the Application for Family Law Value FSCO Family Law Form 1 Effec
4. e Calculation 3 When calculating the period of credited service for Calculation 3 use the method set out in the pension plan If the pension plan does not set out a specific formula calculate the credited service in years and months Note that you cannot randomly choose which calculation to complete Step 3 Maximum Amount that May Be Assigned and Transferred to the Former Spouse of the Plan Member as of the Family Law Valuation Date Refer to section 67 3 6 of the PBA Report the maximum amount of the Family Law Value that may be assigned and transferred to the former spouse of a Plan Member The former spouse cannot be entitled to more than 50 per cent of the Family Law Value Effective date 2015 03 19 User Guide for FSCO Family Law Form 4A FSCO 1268E 3 1 Page 6 of 6 Queen s Printer for Ontario 2015
5. in accordance with section 11 of Regulation 287 11 Step 2 Calculation of Family Law Value as of the Family Law Valuation Date Refer to section 24 4 of Regulation 287 11 The Family Law Value is the portion of the Preliminary Value that relates to the period of the spousal relationship married or common law as of the Family Law Valuation Date and must be calculated in accordance with section 19 of Regulation 287 11 The Family Law Value is the imputed value in the PBA The account balance in the calculations is the total amount of the contributions including interest investment earnings on the contributions attributable to the Plan Member Complete Section 1 if the starting date of the spousal relationship is before the date when the Plan Member joined the pension plan If this does not apply to the Plan Member check the N A box and complete one of the three calculations under Section 2 Effective date 2015 03 19 User Guide for FSCO Family Law Form 4A FSCO 1268E 3 1 Page 5 of 6 Queen s Printer for Ontario 2015 Complete Calculations 1 2 or 3 of Section 2 whichever applies Check the N A box for the calculations that do not apply to the Plan Member Calculation 1 must be completed if information is available to complete this calculation If information is not available to complete Calculation 1 then complete Calculation 2 If information is not available to complete Calculation 2 then complet
6. ion relating to another registered pension plan if the former spouse wants to transfer his her share of the Family Law Value to another pension plan willing to accept it Appendix A Plan Membership Employment and Additional Voluntary Contribution Information as of the Family Law Valuation Date Refer to sections 24 2 3 24 5 1 and 2 of Regulation 287 11 Plan Membership and Employment Information as of the Family Law Valuation Date Complete the information about the Plan Member s employment membership in the pension plan based on the status of Plan Member on the Family Law Valuation Date and the date the Plan Member became a former member if applicable Indicate if the Plan Member was vested on the Family Law Valuation Date Additional Voluntary Contributions AVCs Information as of the Family Law Valuation Date AVCs are reported for disclosure purposes only AVCs must not be including in the Preliminary Value in accordance with section 3 3 of Regulation 287 11 As provided in section 67 3 6 of the PBA AVCs are not subject to the 50 per cent maximum division rule The payment of AVCs is subject to terms of the pension plan Effective date 2015 03 19 User Guide for FSCO Family Law Form 4A FSCO 1268E 3 1 Page 4 of 6 Queen s Printer for Ontario 2015 Note Excess member contributions do not apply to active members Therefore this information is not reported in the Statement Appendix B Explanation of Pension Plan Pro
7. ment cannot be issued Part E Transfer Options for the Former Spouse of the Plan Member Refer to section 24 6 of Regulation 287 11 Check the transfer option s that is are available to the former spouse of the Plan Member Note that not all options can be offered to the former spouse Any entitlement that the former spouse may have to a commutation of a small amount is to be determined based on the value of his her share of the Family Law Value and based on the YMPE as at the Family Law Valuation Date The small amount is not to be determined based on the total Family Law Value i e the amount before division If the Plan Member has made an application to the Plan Administrator in circumstances of shortened life expectancy determine if sections 12 or 13 of Regulation 287 11 apply If the conditions under sections 12 or 13 have been satisfied the Plan Member s pension benefits deferred pension must be paid to both the Plan Member and the Plan Member s former spouse on an unlocked basis There will be no transfer options if the Plan Member terminates employment or plan membership and his her pension entitlement is paid out in full from the pension plan between the time this Statement is issued and the time the former spouse of the Plan Member gives the completed Application to Transfer the Family Law Value FSCO Family Law Form 5 to the Plan Administrator Effective date 2015 03 19 User Guide for FSCO Family Law Form 4A FSCO 1268E
8. rA Financial Services User Guide Commission t a of Ontario Statement of Family Law Value Defined Contribution Benefit FSCO Family Law Form 4A Information About This Statement This form is to be completed by the pension plan administrator or the Plan Administrator s authorized agent or representative Plan Administrator The information provided in this User Guide is in summary form only and should not be substituted for a complete review of the applicable provisions of the Ontario Pension Benefits Act PBA and Ontario Regulation 287 11 Regulation 287 11 made thereunder It is the responsibility of the Plan Administrator to ensure compliance with the statute and regulation This form is a Statement of Imputed Value prescribed under section 24 of Regulation 287 11 The imputed value for family law purposes under section 67 2 5 of the PBA is called the Family Law Value in this Statement The Family Law Value must be calculated as of the Family Law Valuation Date determined in accordance with section 67 1 of the PBA This Statement applies to a member of a pension plan Plan Member who only has a defined contribution benefit under the pension plan It also applies to an active Plan Member who has a hybrid benefit entitlement to the greater of a defined benefit or a defined contribution benefit and on the Family Law Valuation Date the defined contribution benefit is the greater benefit In determining which of the two benefits is the
9. tion Payment of Fee FSCO Family Law Form 1A to inform the applicant of any deficiencies The 60 day period will start from the day the Plan Administrator receives a correctly completed Application for Family Law Value FSCO Family Law Form 1 accompanied by all required documents and the fee if any The Plan Administrator may insert relevant information e g bar codes plan name or registration number etc in the For Plan Administrator Use box Effective date 2015 03 19 User Guide for FSCO Family Law Form 4A FSCO 1268E 3 I Page 1 of 6 Queen s Printer for Ontario 2015 Note This form must not be altered in any manner However the Plan Administrator or its authorized agent or representative may pre populate the form with plan specific information e g name and registration number of the pension plan etc and may post these pre populated forms on their own website It is the responsibility of the Plan Administrator however to ensure that the current version of this form i e the version that is posted on FSCO s website is always provided to applicants It is essential that Plan Administrators check FSCO s website from time to time to ensure that the current form is used Part A Family Law Value Refer to section 24 of Regulation 287 11 Complete the information about the Plan Member and his her spouse former spouse and identify who the applicant is If an applicant has completed Appendix A of the Application for
10. tive date 2015 03 19 User Guide for FSCO Family Law Form 4A FSCO 1268E 3 1 Page 2 of 6 Queen s Printer for Ontario 2015 Complete the information about the Contact Person for the Plan Member if you have received a Contact Person Authorization FSCO Family Law Form 3 a certified copy of a power of attorney for property or a certified copy of the court order that appointed this person The Plan Administrator must be able to provide a copy of the Statement of Family Law Value FSCO Family Law Form 4A to both the applicant and his her spouse former spouse or to their contact person s if any or the Statement cannot be issued Part D Spouse Former Spouse of Plan Member Information Refer to section 24 2 2 of Regulation 287 11 Complete the information about the soouse former spouse of the Plan Member using the information provided by the applicant under Part D of the Application for Family Law Value FSCO Family Law Form 1 Complete the information about the Contact Person for the soouse former spouse of the Plan Member if you have received a Contact Person Authorization FSCO Family Law Form 3 a certified copy of a power of attorney for property or a certified copy of the court order that appointed this person The Plan Administrator must be able to provide a copy of the Statement of Family Law Value FSCO Family Law Form 4A to both the applicant and his her spouse former spouse or to their contact person s if any or the State
11. visions that Apply to the Plan Member as of the Family Law Valuation Date Refer to section 24 7 1 of Regulation 287 11 Provide information about the pension plan provisions that apply to the Plan Member or attach them to the Statement In the latter case check the box to indicate that you are attaching the information Appendix C Worksheet for Family Law Value Calculations Information about any Hybrid Benefit Entitlement to the Greater of a Defined Contribution Benefit or a Defined Benefit Complete this section if applicable Note that this Statement should only be used if the defined contribution benefit is the greater benefit reported in this section Step 1 Calculation of Preliminary Value as of the Family Law Valuation Date Refer to section 24 3 of Regulation 287 11 The Preliminary Value of a defined contribution benefit must be calculated in accordance with section 4 or 5 of Regulation 287 11 Note that additional voluntary contributions if any are not included in the Preliminary Value If the Preliminary Value i e the total value of the Plan Member s defined contribution benefit with interest investment earnings credited to the Family Law Valuation Date can be determined as of the Family Law Valuation Date complete Section 1 Otherwise complete Section 2 If the Plan Member was not vested on the Family Law Valuation Date also complete Section 3 The Preliminary Value must be reduced by 50 per cent
Download Pdf Manuals
Related Search