Start with the plan
Identify the pension plan, whether it is a local plan covered by BC legislation, the member’s service dates and the relationship period. Different pension types can require different steps.
The Act permits direct division
Part 6 contains mechanisms that can allow a spouse’s share to be administered through the plan rather than simply estimating a present value and offsetting another asset.
Agreements can address pensions
Section 127 allows spouses to make a written agreement about pension division, including an alternative proportionate share or compensation in place of all or part of a spouse’s interest in the benefits.
Do not ignore forms and notice
Pension administrators may require prescribed notices and forms before a spouse’s interest is protected or divided. Confirm requirements with the plan administrator and current regulations.
Cost planning
Before ordering an expensive valuation, ask whether the statutory division method can resolve the issue directly. Obtain specialist advice for unusual plans, tax issues or offset proposals.