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What type of benefit will the spouse or the person with whom the member was living in a relationship of a conjugal nature receive if the division is approved?

April 26, 2017benefit Conjugal Living Nature person relationship spouse type

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What type of benefit will the spouse or the person with whom the member was living in a relationship of a conjugal nature receive if the division is approved?

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If the division is approved, a lump sum representing the share of the value of the benefits being divided will be transferred to a retirement savings vehicle chosen by the applicant. This could be a registered pension plan, a locked-in registered retirement savings plan (RRSP) or a life income fund. The lump sum may be transferred to a financial institution for the purchase of an immediate or deferred life annuity.