If and When Approach

Referring to the division of pension proceeds, this requires that once the plan member reaches retirement or leaves active service for any other reason, the spouse is entitled to a part of the pension benefits payable to the plan member. Pension is shared once it comes into pay – share is expressed as a percentage and, upon retirement, the member pays to the non-member spouse a portion of each annuity payment according to the allocation formula agreed upon. (See also “Division of Pension Credits” and “Fifty Percent Rule”)

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September 27th, 2023