The Financial Services Regulatory Authority of Ontario (FSRA) has published final guidance on the settlement of pension benefits after marriage breakdown, with the guidance effective as of Nov. 9. It applies to pension plans subject to the province’s Pension Benefits Act.
The principles-based guidance follows a consultation earlier this year, and includes examples that plan administrators can use to interpret and comply with their legal obligations as they administer pension settlements, the regulator said in a release.
“As a result of feedback received, the guidance better clarifies FSRA’s position on issues relating to valuation, payment and division, and survivor benefits,” the release said.
The Ontario regulator doesn’t make decisions about valuation or division of pension assets, the guidance says, but rather supports administrators’ legal compliance for the benefit of plan members and spouses.
The regulator also published a plain-language guide for plan members and spouses.