A different pension lump sum question

[OtRA]

At least I think it's different. I tried search and couldn't come up with anything.

I recently was let go. The way my pension was handled was that I received a reduced pension and a lump sum essentially in lieu of a full pension. If I would have left voluntarily I would have had the choice: full pension or reduced pension plus lump sum.

I'm now, about a year later, trying to get a separation agreement done.

My question is relative to the lump sum. When pension value is calculated, is my lump sum considered mine, or is it a joint asset? The max amount was put into my RRSP, with the remainder into a joint investment account.

Thanks

[dinkyface]

Pension paid out over time is split (how much is shared depends on how long you were together). Choosing (or being forced) to take pension as a lump sum should not affect how it is split.

[OtRA]

Specifically I have already (i.e. before the separation) received the lump sum. So is it considered part of my pension to be split or part of the to be shared marital assets?

The difference would be marital assets are split 50/50, pensions on more of a prorated basis (which would be to my benefit).

[Jayz]

The lump sum is considered an asset AND the future value of the reduced pension is also considered an asset. The pension holder is required to engage an actuarial to determine the future value of the pension. That future value is considered an asset and treated like any other asset.

[dinkyface]

That future value is considered an asset and treated like any other asset.

I believe the problem is that the pension's future value is NOT treated like any other asset i.e., only the portion that accrued during the marriage would be split.

Sorry I don't know, my GUESS would be that the amount paid already is split 50-50, and future value is treated like normal pension.

[Jayz]

"Treated like any other asset"; so if that pension asset or a portion of it was acquired prior to marriage then the net future value of that portion would be excluded as any other asset acquired prior to marriage.