You're using an outdated browser. This website will not display correctly and some features will not work.
Learn more about the browsers we support for a faster and safer online experience.

Français

ontario regulation 288/11

made under the

pension benefits act

Made: June 22, 2011
Filed: June 24, 2011
Published on e-Laws: June 28, 2011
Printed in The Ontario Gazette: July 9, 2011

Amending Reg. 909 of R.R.O. 1990

(General)

1. Subsection 1 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following definition:

“family law valuation date” has the same meaning as in subsection 67.1 (1) of the Act; (“date d’évaluation en droit de la famille”)

2. Subsection 19 (3) of the Regulation is amended by striking out “section 42, 43, 48 or 51” and substituting “section 42, 43, 48 or 67.6”.

3. Subsection 20 (1) of the Regulation is revoked and the following substituted:

(1) A member of a pension plan who makes an election under section 42 of the Act shall deliver a completed direction to the administrator within 60 days after termination of employment.

4. Clauses 22 (1) (a), (b) and (d) of the Regulation are revoked and the following substituted:

(a) no money transferred, including interest, will be assigned, charged, anticipated or given as security except as permitted by an order under the Family Law Act, a family arbitration award or a domestic contract;

(b) an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the annuitant to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date;

. . . . .

(d) a transaction that contravenes clause (a), (c) or (c.1) is void;

5. Sections 46 and 56 of the Regulation are revoked.

6. (1) Subsection 2 (4) of Schedule 1 to the Regulation is revoked and the following substituted:

(4) It must state that the owner agrees not to assign, charge, anticipate or give as security money payable under the fund except as required by an order under the Family Law Act, a family arbitration award or a domestic contract.

(2) Subsection 5 (6) of Schedule 1 to the Regulation is revoked.

(3) Subsection 7 (1.2) of Schedule 1 to the Regulation is revoked and the following substituted:

(1.2) The value of the assets in the fund is subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(1.2.1) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to the transfer of a lump sum that exceeds 50 per cent of the assets in the fund, determined as of the family law valuation date.

(1.2.2) Payments under a life annuity referred to in clause (1) (c) are subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(1.2.3) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date.

7. (1) Subsection 1 (1) of Schedule 1.1 to the Regulation is amended by adding the following paragraphs:

4. A person who has previously transferred an amount under paragraph 2 of subsection 67.3 (2) of the Act into a life income fund or a locked-in retirement account.

5. An eligible spouse who is entitled to transfer a lump sum under paragraph 2 of subsection 67.3 (2) of the Act.

(2) Subsection 1 (2) of Schedule 1.1 to the Regulation is amended by adding “or under paragraph 2 of subsection 67.3 (2) of the Act” after “under clause 42 (1) (b) of the Act”.

(3) Subsection 2 (4) of Schedule 1.1 to the Regulation is revoked and the following substituted:

(4) It must state that the owner agrees not to assign, charge, anticipate or give as security money payable under the fund except as required by an order under the Family Law Act, a family arbitration award or a domestic contract.

(4) Section 5 of Schedule 1.1 to the Regulation is amended by adding the following subsection:

(1.1) Despite subsection (1), payments out of the fund must begin no earlier than the date on which the owner reaches 55 years of age, if none of the money in the fund is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

(5) Subsection 5 (6) of Schedule 1.1 to the Regulation is revoked.

(6) Subsection 7 (5) of Schedule 1.1 to the Regulation is revoked and the following substituted:

(5) The value of the assets in the fund is subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(5.1) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to the transfer of a lump sum that exceeds 50 per cent of the assets in the fund, determined as of the family law valuation date.

(5.2) Payments under a life annuity referred to in subsection (1) are subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(5.3) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date.

(7) Subsection 8 (3) of Schedule 1.1 to the Regulation is amended by striking out “in accordance with the terms of an order under the Family Law Act or a domestic contract as defined in Part IV of that Act” at the end and substituting “in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract”.

8. (1) Subsection 2 (4) of Schedule 2 to the Regulation is revoked and the following substituted:

(4) It must state that the owner agrees not to assign, charge, anticipate or give as security money payable under the fund except as required by an order under the Family Law Act, a family arbitration award or a domestic contract.

(2) Subsection 5 (6) of Schedule 2 to the Regulation is revoked.

(3) Subsection 7 (1.2) of Schedule 2 to the Regulation is revoked and the following substituted:

(1.2) The value of the assets in the fund is subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(1.3) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to the transfer of a lump sum that exceeds 50 per cent of the assets in the fund, determined as of the family law valuation date.

(1.4) Payments under a life annuity referred to in clause (1) (c) are subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(1.5) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date.

9. (1) Subsection 1 (1) of Schedule 3 to the Regulation is amended by adding the following paragraphs:

4. A person who has previously transferred an amount under paragraph 2 of subsection 67.3 (2) of the Act into a locked-in retirement account.

5. An eligible spouse who is entitled to transfer a lump sum under paragraph 2 of subsection 67.3 (2) of the Act.

(2) Subsection 1 (2) of Schedule 3 to the Regulation is amended by adding “or under paragraph 2 of subsection 67.3 (2) of the Act” after “under clause 42 (1) (b) of the Act”.

(3) Subsection 2 (4) of Schedule 3 to the Regulation is revoked and the following substituted:

(4) It must state that the owner agrees not to assign, charge, anticipate or give as security money in the account except as required by an order under the Family Law Act, a family arbitration award or a domestic contract.

(4) Section 5 of Schedule 3 to the Regulation is amended by adding the following subsections:

(3.1) The value of the assets in the account is subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(3.2) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to the transfer of a lump sum that exceeds 50 per cent of the assets in the account, determined as of the family law valuation date.

(5) Subsection 5 (5) of Schedule 3 to the Regulation is revoked and the following substituted:

(5) Payments under a life annuity referred to in clause (1) (d) are subject to division in accordance with the terms of an order under the Family Law Act, a family arbitration award or a domestic contract.

(5.1) An order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the owner to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date.

(6) Section 5 of Schedule 3 to the Regulation is amended by adding the following subsection:

(7.1) Despite subsection (7), payments under the life annuity must begin no earlier than the date on which the owner reaches 55 years of age, if none of the money in the account used to purchase the annuity is derived, directly or indirectly, from a pension benefit provided in respect of any employment of the owner.

Commencement

10. This Regulation comes into force on January 1, 2012.

 

Français