What happens to your pension in a Spousal Relationship Breakdown?
A pension falls within the meaning of family property in Saskatchewan.
On the breakdown of a spousal relationship prior to retirement, a calculation of the pension may be required to determine the value over the relationship period. Simply receiving a calculation of the value of a pension on the breakdown of a spousal relationship does not cause a member’s pension to be divided, nor does it mean that the pension has been divided. A statement of the value of a pension on the breakdown of a spousal relationship is simply information to help the member and the spouse determine the value of their family property.
The value is determined in accordance with the terms of The Pension Benefits Act, 1992 (Saskatchewan). In general, the value is calculated based upon the methods and assumptions prescribed by the Canadian Institute of Actuaries on the date of the spousal relationship breakdown.
Division of the pension may occur and would require a portion of the pension to be transferred to the member’s former spouse. The Plans can only divide the pension in accordance with a formal inter-spousal agreement or court order under the applicable family property legislation.
Once a member begins to receive pension, a marriage breakdown can result in a portion of the monthly payment being directed to the former spouse.
What happens to your pension if you become disabled before retirement?
If an unexpected incident leaves you unable to work, the impact can be both physically and financially devastating. You should consider not only what coverage you would have for income while disabled but also how a disability leave could affect your future pension.
Employees who are members of the Plan are usually eligible for membership in the Regina Police Long Term Disability Plan.
If you begin receiving workplace disability benefits, you are still considered a member of your pension plan(s). In other words, even though you are not actively working, you will continue to earn a pension while you are receiving workplace disability benefits. During your period of disability, you and your employer continue contributing to the TRIP Plan on your behalf.
During this period, your earnings are “deemed” for the calculation of the pension you accrue during the disability period. Deemed earnings are based on the salary you were receiving from your employer right before you started collecting your disability benefits. For members covered by a collective agreement, and where the disability resulted from injuries received through employment with the Commission, the deemed earnings are adjusted to what would have been earned in the same classification and pay step had the member not become disabled.
Where the disability resulted from injuries received other than as a result of employment with the Commission, the deemed earnings for pension purposes are based on the member’s earnings at the time of the disability.
If you return to your regular employment, both you and your employer will resume contributions at the normal rate based on your actual earnings.
Your employer will advise the Plan when your period of disability is over. You are no longer considered disabled for the purposes of the Plan when you:
• Return to work after a disability;
• Terminate your employment;
• Retire; or
• Die while receiving LTD benefits.
Other sources of disability benefits
Disability income may come from one or several sources depending on your individual circumstance. Veteran's Affairs Canada, Employment Insurance and the Canada Pension Plan all provide some form of disability or sickness benefit based on eligibility. These benefits however have no impact on your TRIP Plan pension. WCB and LTD benefits do have an effect on your TRIP Plan pension. For more details, contact staff at Möbius or your human resources department.
Keeping you informed
During your disability period, you will continue to receive your Member's Annual Pension Statements which reflect the pensionable service you have accumulated as well as your deemed contributory earnings. Our website provides Plan information that will keep you up to date.