Tag: Act s. 44
Chityal v. Ontario (CEO of FSRA), 2019 ONFST 22 – Court Order Not Sufficient to Waive Entitlement to Joint & Survivor Pension
Chityal retired from Nortel Networks Limited in 2000 and began receiving a joint and survivor pension, as he was married at the time. When Chityal subsequently sought to transfer the commuted value of his pension into the Nortel Life Income Fund, he and his spouse had divorced and he couldn't locate her in order to obtain her consent to the transfer . . .
Ms Meloche, a teacher, elected a joint and survivor pension on retirement. Two years later, the Meloches separated. Mr. Meloche has a reduced life expectancy, as he suffers from Amyotrophic Lateral Sclerosis . . .
The New Brunswick Financial and Consumer Services Commission (FCNB) published two Pension Bulletins: Pension Bulletin 2018-04 - Marriage Breakdown and Pension Bulletin 2018-05 - The New Brunswick Pension Benefits Act and Prince Edward Island.
Beccarea v. Canadian National Railway Company, 2018 ONSC 630 – Entitlement to Survivor Benefit (Circa 1980) Based on Spousal Status at Time of Death
Beccarea retired from Canadian National Railway Company (CN) and began receiving his pension in 1980. At the time of Beccarea's retirement, he was married. However, the couple subsequently divorced in 1992; an earlier judgment divided certain property but made no mention of the CN pension plan.
Beccarea died in 2003. CN informed Cora, his former spouse, that she was not entitled to a survivor benefit under the plan, as she was not a spouse at the time of Beccarea's death.
FSCO has updated its FAQs regarding the payment of small benefits.
With respect to Payment of A Survivor Pension Small Amount - Section 44(7) of the Pension Benefits Act, FSCO has added questions to address:
- the payment options that must be provided to the spouse; and
- timelines for the transfer of a payment to an RRSP or RRIF.
Alberta Interpretive Guideline #12: Governance, Investment and Funding Policies and Plan Assessments
Alberta Treasury Board and Finance has posted draft Interpretive Guideline #12: "Governance, Investment and Funding Policies and Plan Assessments" for comment. The Guideline updates an earlier version published in July 2016. Comments are due by June 30, 2017.
FSCO has updated one of its Spousal Rights policies: "Policy S500-307 Joint and Survivor Pension or Annuity – Entitlement, Waiver and Cancellation". The Policy was updated to reflect recent changes to the definition of spouse, which came into force on January 1, 2017 . . .
FSCO has posted a new Family Law Form 8, which is to be used by a former spouse to waive their right to receive a survivor benefit on the death of the Retired Member where there has been a marriage breakdown. The User Guide sets out the conditions to be met in order to use this form . . .