In May of this year, the LCO released “Division of Pensions Upon Marriage Breakdown”. (This Consultation Paper is available on the LCO’s website at http://www.lco-cdo.org/en/documents/PensionsMay08/documents/PensionsConsultationFinal.pdf). In it, we discussed a number of problems that exist in this area, including controversies over different methods of valuing interests under defined benefit pension plans and the lack of an efficient and effective settlement mechanism for parties who wished to resort to the pension of one of the spouses in order to settle equalization obligations under the Family Law Act (FLA). The LCO received more than 20 written submissions in response to the consultation paper and retained two actuarial consultants to assist in the preparation of this Report. The LCO has considered the commentary received in preparing the recommendations contained in this Report.
Sections II to V of this document contains a discussion of some of the issues that have arisen in connection with pensions and marriage breakdown. Section VI then sets out the LCO’s analysis of the issues and its recommendations concerning them.
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