If you need to value your pension for the calculation of net family property, apply to Teachers' for a Statement of Family Law Value. There is no need to hire an external actuary.
As a working member (includes those on a leave of absence or with a deferred pension), a lump-sum payout to your former spouse is the only settlement option available to you and your former spouse, if you choose to settle your equalization obligation with your pension. The lump sum can be transferred to a life income fund (LIF), locked-in retirement account (LIRA) or another registered pension plan of which your former spouse is a member.
You are required to complete several family law forms throughout this process—they are identified in the steps below.
- Apply to Teachers' for a Statement of Family Law Value.
- Decide if you're using your pension to settle your equalization obligation.
- Finalize your separation agreement with your family lawyer.
- Apply to Teachers' for a lump-sum transfer to a LIF, LIRA or another registered pension plan.
Apply to Teachers' for a Statement of Family Law Value.
If you're married, either you or your spouse can apply for this statement. If you're in a common-law relationship, only you can apply. If you are both plan members, you are both required to apply to get the Family Law Value for each pension.
Here's how to apply:
- Complete the mandatory Application for Family Law Value (FSCO Form 1). (Instructions and Q&As)
- If you don't have proof of the start and/or separation dates of your spousal relationship, complete a Joint Declaration of Period of Spousal Relationship (FSCO Form 2). (Instructions and Q&As)
- If you'd like to authorize a third party who we may contact regarding your Family Law Value, complete a Contact Person Authorization (FSCO Form 3). (Instructions and Q&As)
- Send us Form 1 and if applicable, Forms 2 and/or 3 with all required documentation.
Teachers' sends statement to both spouses upon receiving the completed application with all required supporting documents.
- Forms must be signed in the presence of a witness who is at least 18 years of age. To verify his or her presence, your witness must sign and date forms on the same date as you. Your witness must also print his or her name on the forms and provide his or her contact information.
- The Family Law Valuation (FLV) Date must be specified in your court order, family arbitration award or domestic contract. The FLV date must match the FLV date identified on your Statement of Family Law Value.
- If you and/or your former spouse wish to authorize a lawyer or someone else to communicate with and receive information from Teachers' on your or your former spouse's behalf, we must receive a completed Contact Person Authorization (FSCO Family Law Form 3) with your application.
Decide if you're using your pension to settle your equalization obligation.
Once you've received your Statement of Family Law Value, consult your family lawyer and/or financial advisor for professional advice when making this decision.
Steps 3 and 4 only apply if you're using your pension to settle an equalization obligation.
Finalize your separation agreement with your family lawyer.
This step only applies if you're using your pension to settle an equalization obligation.
This agreement should clearly identify your former spouse's share of the Family Law Value (found in Part A of your Statement of Family Law Value).
- Under Ontario law, your former spouse cannot receive more than 50% of the pension benefit you earned during the spousal relationship, as set out in your Statement of Family Law Value.
- The Family Law Valuation (FLV) Date must be specified in your court order, family arbitration award or domestic contract. The FLV date must match the FLV date identified on your Statement of Family Law Value.
Apply to Teachers' for a lump-sum transfer to a LIF, LIRA or another registered pension plan.
This step only applies if you're using your pension to settle an equalization obligation.
Your former spouse must apply to us directly.
Here's how to apply:
- Complete the Application to Transfer the Family Law Value (FSCO Form 5). (Instructions and Q&As)
- Select a transfer option (listed in Part E of your Statement of Family Law Value).
- Include the finalized court order, arbitration award, or separation agreement, which clearly identifies your former spouse's share of the Family Law Value, a completed T2151 form, a completed Locked-In Transfer Election form and all other required documents with the application.
Teachers' transfers the Family Law Value as outlined in the finalized court order, arbitration award or separation agreement in a lump sum to your former spouse upon receiving the completed application with all required documents.