Member News: March 17, 2021
Limited member administration fee has been removed
Are you a Teachers’ Pension Plan member whose spousal relationship has ended?
Effective April 1, 2021, we are removing the $750 administration fee for your former spouse to become a limited member of the plan and receive their share of your pension directly from the plan.
If your former spouse wishes to become a limited member of the plan, you or your former spouse now must only submit:
- A Form P2 Request for designation as limited member
- A copy of your complete, signed separation agreement or registered court order (if neither is available, send a Form P9 Agreement to have benefits divided under part 6 with the application form)
If BC Pension Corporation receives the application to become a limited member on or before March 31, 2021, the $750 fee will still be charged and will not be refunded. If the application is received after March 31, 2021, the fee will not apply.
What is a limited member?
Following a separation or divorce, a former spouse of a plan member can apply to the plan to be designated a limited member. Limited members are entitled to a portion of the plan member’s pension earned by the plan member while they were in the spousal relationship and can receive their share of the pension directly from the plan.