New rules for marriage breakdown

Starting on January 1, 2012, new Ontario legislation will affect HOOPP members and pensioners who divorce or separate from their qualifying spouse.

The new legislation requires members and pensioners to:

• request a valuation of pension assets from HOOPP
• use new forms created by the Financial Services Commission of Ontario (FSCO)

Once HOOPP has completed its valuation of the pension assets and sent them back to the member or pensioner, they can decide to:

• settle their family law obligations without dividing their pension benefits
• immediately divide their pension benefits

For members or pensioners who have finalized a court order, domestic contract or arbitration award that contains provisions for the division of their pension assets before Jan. 1, 2012, the new rules do not apply.

If you have a member who wants more information about the new rules for marriage breakdown, please direct them to either the Financial Services Commission of Ontario’s website or the winter edition of the member newsletter, Your Plan At Work, which will be mailed to members but which can also be found online at hoopp.com.

Dec 2011