Division of Pensions Regulation - British Columbia Law Institute https://www.bcli.org British Columbia Law Institute Thu, 06 Jan 2022 19:46:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.bcli.org/wp-content/uploads/BCLI-Logo_Favicon-36x36.png Division of Pensions Regulation - British Columbia Law Institute https://www.bcli.org 32 32 Review of Division of Pensions Regulation and administrative fees take centre stage at November 2019 meeting of the Pension Division Review Project Committee https://www.bcli.org/review-of-division-of-pensions-regulation-and-administrative-fees-take-centre-stage-at-november-2019-meeting-of-the-pension-division-review-project-committee/?utm_source=rss&utm_medium=rss&utm_campaign=review-of-division-of-pensions-regulation-and-administrative-fees-take-centre-stage-at-november-2019-meeting-of-the-pension-division-review-project-committee Fri, 29 Nov 2019 23:00:40 +0000 https://www.bcli.org/?p=17055 At this month’s meeting of the BCLI Pension Division Review Project Committee the committee tackled two topics. First, it reviewed the Division of Pensions Regulation, including the forms prescribed under the regulation. Second, it examined the fees that may be charged by a pension-plan administrator to the parties in a Read more

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]]> At this month’s meeting of the BCLI Pension Division Review Project Committee the committee tackled two topics. First, it reviewed the Division of Pensions Regulation, including the forms prescribed under the regulation. Second, it examined the fees that may be charged by a pension-plan administrator to the parties in a pension-division case.

The Division of Pensions Regulation contains a significant amount of detail on how to divide pensions under part 6 of the Family Law Act. Notably, the regulation sets out requirements for notice and formulas for the division of pension benefits. The committee gave the regulation a general review, looking for problems that may have arisen in practice.

The regulation also sets out nine forms, which are a key practical element for implementing an agreement or order to divide a pension under part 6. The committee looked at ways to improve how the forms carry out this role.

Section 140 of the Family Law Act enables a pension administrator to require “a fee to be paid to offset administrative costs incurred in dividing benefits under [part 6 of the act].” This fee must not exceed the maximum amount prescribed in the regulation. The committee discussed these prescribed maximums and measures to ensure that the fees are paid.

The Pension Division Review Project benefits from having an expert project committee. The committee is working toward publishing a consultation paper, in which it will set out proposals on these and other issues. The consultation paper will allow the public to comment on the committee’s proposals to reform pension division under the Family Law Act.

The post Review of Division of Pensions Regulation and administrative fees take centre stage at November 2019 meeting of the Pension Division Review Project Committee first appeared on British Columbia Law Institute.

]]> BCLI forms project committee to review pension division under part 6 of the Family Law Act https://www.bcli.org/bcli-forms-project-committee-to-review-pension-division-under-part-6-of-the-family-law-act/?utm_source=rss&utm_medium=rss&utm_campaign=bcli-forms-project-committee-to-review-pension-division-under-part-6-of-the-family-law-act Thu, 21 Feb 2019 16:00:33 +0000 https://www.bcli.org/?p=16046 The British Columbia Law Institute has formed a new project committee to assist it in carrying out its Pension Division Review Project. The committee will review part 6 of the Family Law Act, the Division of Pensions Regulation, and allied legislation and will help BCLI to form recommendations to reform the Read more

The post BCLI forms project committee to review pension division under part 6 of the Family Law Act first appeared on British Columbia Law Institute.

]]> The British Columbia Law Institute has formed a new project committee to assist it in carrying out its Pension Division Review Project. The committee will review part 6 of the Family Law Act, the Division of Pensions Regulation, and allied legislation and will help BCLI to form recommendations to reform the law.

The members of the project committee are:

Colin Galinski—Chair
  Galinski Pension and Benefits Law Corp.		 Cynthia Callahan-Maureen
     BC Ministry of Finance
Stephen Cheng
     Westcoast Actuaries Inc.		 Stephanie Griffith
     Bilsland Griffith Benefit Administrators
Darryl Hrenyk
     BC Ministry of Attorney General		 Gail Johnson
     BC Financial Institutions Commission
Hon. Peter Leask, QC
     Peter Leask, QC, Barrister & Solicitor		 Margaret H. Mason, QC
     Norton Rose Fulbright Canada LLP
Beatrice C. McCutcheon
     Cook Roberts LLP		 Jacqueline G. McQueen
     Aaron Gordon Daykin Nordlinger LLP
Michael J. Peters
     BC Financial Institutions Commission		  

 

This project allows BCLI to build on past work concerning pension division, including its 10-year review of earlier legislation and its educational resource on the current law, Questions and Answers About Pension Division on the Breakdown of a Relationship in British Columbia.

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“It has been just over five years since part 6 came into force,” noted committee chair Colin Galinski. “I’m pleased to be working with this expert committee to examine how part 6 is working in practice and to consider ways to improve it.”

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