Relationship Breakdown

Under Ontario’s Family Law Act upon divorce or separation there can be an equalization of the assets accumulated during the marriage. This includes pensions.

It does not mean that all assets are necessarily divided in half. Rather, that when all the assets accumulated during the marriage are taken into account, each partner receives an equal share of the total assets but not necessarily an equal share of each asset. This means that a HOOPP member can keep his or her HOOPP pension whole if the member provides something of equal value to the former spouse.

In the absence of such arrangements, benefit splitting on marriage breakdown may be necessary. Any agreement you reach with your spouse about splitting your pension benefits has to comply with the Ontario Pension Benefits Act and other legislation. To figure out the value of the benefits to be split, you and your spouse will have to commission independent actuarial valuations of your HOOPP benefit.

While your pension can be “split” your ex-spouse won’t receive any funds until they actually become payable – when you terminate, retire, or die, whichever comes first.

Both you and your spouse should seek independent legal and financial advice before agreeing to any benefits splitting arrangement following a marriage breakdown.