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Office of the Superintendent - Pension Commission
OSPC: News
4. Improved Family Provisions
Allowing spouses and common-law partners greater flexibility to deal with death benefits, as well as clarifying the treatment of pensions as family assets, providing more flexibility with protections that guarantee a minimum retirement income and respect the rights of spouses and partners.
Required under the new legislation:
- Spouses or common-law partners of plan members who have died can waive entitlements (give up their rights) to payments, so that others such as children can receive the funds.
- There is greater clarity in how the amount of pension available to spouses or common-law partners are calculated after a relationship breakdown.