October 31, 2019

Pension Division Review Project Committee wraps up review of double-dipping, private annuities at October 2019 committee meeting

At its monthly committee meeting, BCLI’s Pension Division Review Project Committee completed its review of two topics that had figured in earlier committee meetings. The first topic involves something that has been informally called double-dipping. This may occur when a spouse receives a share of the other spouse’s pension benefits Read more…

September 20, 2019

Pension Division Review Project Committee examines double-dipping, limited membership at September 2019 committee meeting

At its monthly committee meeting, BCLI’s Pension Division Review Project Committee looked at two topics that could lead to recommendations for additions to part 6 of the Family Law Act. The first topic concerned a possible extension to an existing rule providing for no further entitlement to a spouse’s pension benefits after Read more…

July 26, 2019

Locked-in retirement accounts the focus of July 2019 Pension Division Review Project Committee meeting

At this month’s meeting, the Pension Division Review Project Committee examined locked-in retirement accounts. British Columbia’s Pension Benefits Standards Act defines locked-in retirement account to mean “an RRSP that is prescribed to be a locked-in retirement account.” The regulation completes this definition by adding that “an RRSP is a locked-in retirement account Read more…

June 26, 2019

Pension Division Review Project Committee continues examination of commuted-value transfer, tackles private annuities at June 2019 meeting

At this month’s meeting, the Pension Division Review Project Committee continued its review of commuted-value transfer and began to examine private annuities. Section 115 of the Family Law Act applies to division of a pension with benefits determined under a defined-benefit-formula provision, if the pension is a “local plan” and Read more…

May 30, 2019

Target-benefit plans and commuted-value transfer were the focus of the Pension Division Review Project Committee’s May 2019 meeting

The Pension Division Review Project benefits from having an expert project committee. At this month’s meeting, the committee’s attention was focused primarily on two topics: target-benefit plan design and commuted-value transfer. In very simple terms, target-benefit plans are pension plans that combine features found in both of the more-traditional plan designs: Read more…