Bill 133

[momiss]

Does anyone know where this Bill stands... sure would be nice to have pension evaluated in a more fair way.

[Mess]

Received royal assent over a year ago, has been in effect. If you already divorced it won't be retroactive.

[momiss]

How does this affect, specifically a pension. Before my small pension was assessed at 48,000, which definitely affects equalization.

[Mess]

AFAIK it does not affect valuation at all. The main change was that the pension plan would give a valuation to either spouse on request, and the pension plan would pay out the equalization amount directly after the settlement was reached. This instead of the plan holder having to pay equalization amounts themselves.

In many cases this was already done, it was just made to be standard and it simplifies things for many couples. For example if you are intending to settle out of court and without lawyers etc, you can just get the pension plan to do the valuation and pay out. Much simpler and cheaper for people who self-rep or wish to settle without lawyers or to minimize lawyer involvement.

[momiss]

Thankyou. That was helpful.