If you need to value your pension for the calculation of net family property, apply to Ontario Teachers' for a Statement of Family Law Value. There's no need to hire an external actuary.
As a working member (including 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're required to complete several family law forms to calculate the value of your pension and transfer the lump sum should you decide to do so. These forms are made available by the Financial Services Regulatory Authority of Ontario (FSRA), which regulates financial services and pensions, including family law matters as they relate to pensions. FSRA replaced the Financial Services Commission of Ontario (FSCO).
FSRA has a guide which may help you through this process, Pensions and Marriage Breakdown – a Guide for Members and their Spouses. This guide provides an overview of valuing and dividing members’ pensions upon marriage breakdown. We've also provided the links to each of the family law forms, as well as their Instructions and Q&As, in our step-by-step instructions and in our Member Reference Library. You can also visit www.fsco.gov.on.ca/en/pensions/Family-Law/Pages/familylawforms.aspx to obtain the family law forms and detailed instructions.
When completing the application process, please note:
- We don't charge a fee for calculating your Family Law Value (Step 1).
- We only require copies of supporting documentation, they don't need to be certified.
Here's how to complete the Pension Plan Information section (Part A or B) of all forms:
Remember to update your profile if your marital status changes.
In this section
- Step 1: Apply to Ontario Teachers' for a Statement of Family Law Value
- Step 2: Decide if you're using your pension to settle your equalization obligation
- Step 3: Finalize your separation agreement with your family lawyer
- Step 4: Apply to Ontario Teachers' for a lump-sum transfer to a LIF, LIRA or another registered pension plan