BCLI seeks input on proposals to reform pension division


20 May 2020

By Kevin Zakreski

The British Columbia Law Institute’s Pension Division Review Project Committee is asking the public to share its views on tentative recommendations to reform how pension division upon the breakdown of a spousal relationship is carried out. In the committee’s just-published Consultation Paper on Pension Division: A Review of Part 6 of the Family Law Act it seeks input from pension-division specialists and interested members of the general public on its proposals to reform part 6 of the Family Law Act and the Division of Pensions Regulation.

The consultation paper contains 25 tentative recommendations for reform, addressing the following topics:

  • transitional provisions;
  • private annuities;
  • disability benefits;
  • waiving survivor benefits after pension commencement;
  • commuted value: transfer and calculation;
  • locked-in retirement accounts and life income funds;
  • death of a spouse before becoming a limited member;
  • administrative fees; and
  • forms.

Quote

“The committee has examined part 6 and found it’s generally working well, but there are areas that could be improved. We hope to hear from pension and family-law specialists and the general public on what they think about our proposed reforms.”—Colin Galinski, chair, BCLI Pension Division Review Project Committee

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