British Columbia Order in Council — Amendment to Division of Pensions Regulation (O.C. 430/2024)

O.C. 430/2024

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. , Approved and Ordered Lieutenant Governor Executive Council Chambers, Victoria page 1 of 4 On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective January 1, 2025, (

a) sections 8, 9, 11 to 14 and 17 to 20 of the Family Law Amendment Act, 2023 , S.B.C. 2023, c. 12, are brought into force, and (

b) the Division of Pensions Regulation, B.C. Reg. 348/2012, is amended as set out in the attached Appendix. Attorney General Presiding Member of the Executive Council (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Family Law Act, S.B.C. 2011, c. 25, ss. 246 and 248; Family Law Amendment Act, 2023, S.B.C. 2023, c. 12, s. 25 Other: OIC 838/2012 R10768855 430 July 8, 2024

page 2 of 4 APPENDIX 1

Section 3 (1) of the Division of Pensions Regulation, B.C. Reg. 348/2012, is amended by striking out “ and” at the end of paragraph (c), by adding “ , and ” at the end of paragraph (

d) and by adding the following paragraph: (

e) notice of an assignment of the me mber’s spouse’s survivor benefits. 2

Section 4 (1) is amended (

a) by repealing paragraph (e), (

b) by adding “ , and” at the end of paragraph (f), and (

c) by adding the following paragraph: (

g) notice referred to in

section 126.1 (2) of the Act must be given in Form P10 (Notice of Assignment of Survivor Benefits by Agreement or Order). 3

Section 5 (4) is amended by striking out “ a Form P5 or a Form P7” and substituting “a Form P7”. 4

Section 11 (1) (

c) is repealed and the following substituted: (

c) to the extent that it is not provi ded under paragraph (a), information on options available to and elections th at may be made by a limited member with respect to the benefits, including the earliest date on which the limited member will be entitled to (

i) begin receiving a pension from the plan, and (ii) begin receiving a pension from th e plan without reduction or increase to the pension; . 5

Section 17 is amended (

a) by repealing subsection (1) (

d) and substituting the following: (

d) annuity payments under an annuity th at was purchased by an administrator on behalf of a member; , (

b) by adding the following subsection:

(1.1) In accordance with

section 117.1 (4) of the Act, this

section applies to the calculation of a proportionate share of a LIRA benefit or LIF benefit that was transferred from a plan under which be nefits are determin ed under a benefit formula provision. , (

c) in subsection (3) in paragraph (

a) of the definition of “total pensionable service” by striking out “limited member’s” and substituting “member’s spouse’s”, and (

d) in subsection (3) in paragraphs (

b) and (

c) of the definition of “total pensionable service” by striking out “limited member” and substituting “member’s spouse”. 6 The following

section is added:

page 3 of 4 Calculation of proportionate share in relation to payments under annuity not purchased by administrator 17.1

(1) If it is necessary, under the Act, incl uding under this regulation, to calculate a proportionate share of annuity payments that a spouse is receiving under an annuity that was not purchased by an ad ministrator on behalf of a member, this

section applies to that calculation.

(2) The formula set out in subsection (3) of this

section applies to the calculation referred to in subsection (1) unless a

section 127 agreement, a

Part 6 order or an original agreement or order referred to in

section 25 (1) of this regulation (

a) supplants that formula, in which case the formula provided for in the agreement or order applies, or (

b) modifies that formula, in which case the formula as modified by the agreement or order applies.

(3) The proportionate share of annuity payments referred to in subsection (1) is half of each annuity payment. 7

Section 20 is amended by adding the following subsection:

(1.1) In accordance with

section 117.1 (3) of the Act, this

section applies to the calculation of a proportionate share of a LIRA benefit or LIF benefit that was transferred from a defined contribution account under a plan. 8

Section 20 (3) is amended in the

definitions of “account balance” and “pre-relation- ship contributions” (

a) in paragraph (

a) of each definition by striking out “ the defined contribution account” and substituting “the benefits”, and (

b) in paragraph (

b) of each definition by striking out “ proportionate share of the defined contribution account is transferred from the plan to the credit of the spouse” and substituting “proportionate share is transferred to the credit of the spouse”. 9 The following

section is added: Transfer from LIRA or LIF 26.1

(1) In this section, “issuer” has the same meaning as in

section 146 (1) of the Income Tax Act (Canada).

(2) If the Act requires or authorizes an issu er of a LIRA or LIF to transfer from the LIRA or LIF an amount to the credit of the spouse, the transfer must be made in accordance with the provisions of the Pension Benefits Standards Act , and any regulations under that Act, that would have applied had the transfer been made to the credit of the member. 10

Section 28 is amended (

a) in paragraph (

a) by striking out “ $750” and substituting “$1 000”, and (

b) in paragraph (

b) by striking out “ $175” and substituting “$200”.

page 4 of 4 11 Forms P1, P2, P3, P4, P5, P6, P7, P8 and P9 are repealed. 12 The following

Schedule is added:

SCHEDULE Form P1 Claim and Request for Information and Notice Form P2 Request for Designation as Limited Member Form P3 Request for Transfer from Defined Contribution Account Form P4 Request by Limited Member for Transfer or Separate Pension Form P5 [Repealed] Form P6 Administrator/Annuity Issuer Response Form P7 Withdrawal of Notice/Waiver of Claim Form P8 Change of Information Form P9 Agreement to Have Be nefits Divided Under

Part 6 Form P10 Notice of Assignment of Surv ivor Benefits by Agreement or Order

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 430/2024
Type	order_in_council
Volume / chapter	arc oic 0430 2024
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	4b2ec3e3b5c57f7636f4a4dbad174d1117d82a86

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