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Retirement savings and partition

Locked-in retirement accounts (LIRAs) and life income funds (LIFs) are transfer instruments used to transfer amounts that have accrued in supplemental pension plans (also called pension funds or pension plans).

An LIRA is a retirement savings vehicle, while an LIF is used to draw a retirement income (withdrawal).

LIRAs and LIFs subject to the Supplemental Pension Plans Act are supervised by Retraite Québec.

The type of union determines the rules for partition

  • For married or civilly united persons, LIRAs and LIFs are part of the family patrimony. Where former spouses obtain a judgment of divorce, separation from bed and board (legal separation) civil annulment of marriage, or dissolution or annulment of a civil union, they can partition their LIRA or LIF. Partition is carried out by transferring the appropriate amount to the former spouse's LIRA, LIF, voluntary retirement savings plan (VRSP), annuity contract or pension plan. Please note that a de facto separation not made official by a court judgment does not allow to carry out partition.
  • De facto spouses must reach an agreement with their former de facto spouse within 12 months following the breakdown of their union. To apply for partition of their LIRA or LIF, the former spouses must provide a copy of the agreement to the financial institution. Partition is carried out by transferring the appropriate amount to the former spouse's LIRA, LIF, VRSP, annuity contract or pension plan.

For more information on partition of retirement savings

Married or civilly united persons

Locked-in retirement accounts (LIRAs) and life income funds (LIFs) are part of the family patrimony. In the event of a separation, it is important to take it into account when partition of assets is carried out.

After obtaining a judgment of divorce, separation from bed and board (legal separation) civil annulment of marriage, or dissolution or annulment of a civil union, LIRAs or LIFs can be partitioned with the former spouse.

A de facto separation not made official by a court judgment does not allow to carry out partition of LIRAs or LIFs.

LIRAs or LIFs must be evaluated at their market value. There are no prescribed rules for evaluating the portion accrued during the marriage or civil union, but it must be done in a reasonable way.

To apply for partition of an LIRA or LIF, one of the former spouses must provide a copy of the judgment to the financial institution or, in the case of a dissolution of a civil union before a notary, a copy of the declaration of dissolution and of the notarized transaction contract.

Partition is carried out by transferring the appropriate amount to the former spouse's LIRA, LIF, voluntary retirement savings plan (VRSP), annuity contract or pension plan.

Persons in a de facto union

To partition locked-in retirement accounts (LIRAs) or life income funds (LIFs), former de facto spouses must reach an agreement within 12 months following the breakdown of their union.

LIRAs or LIFs must be evaluated at their market value. There are no prescribed rules for evaluating the portion accrued during the union, but it must be done in a reasonable way.

To apply for partition of an LIRA or LIF, the former spouses must provide a copy of their agreement to the financial institution.

Partition is carried out by transferring the appropriate amount to the former spouse's LIRA, LIF, VRSP, annuity contract or pension plan.

Married or civilly united persons

Locked-in retirement accounts (LIRAs) and life income funds (LIFs) are part of the family patrimony. In the event of a separation, it is important to take it into account when partition of assets is carried out.

After obtaining a judgment of divorce, separation from bed and board (legal separation) civil annulment of marriage, or dissolution or annulment of a civil union, LIRAs or LIFs can be partitioned with the former spouse.

A de facto separation not made official by a court judgment does not allow to carry out partition of LIRAs or LIFs.

LIRAs or LIFs must be evaluated at their market value. There are no prescribed rules for evaluating the portion accrued during the marriage or civil union, but it must be done in a reasonable way.

To apply for partition of an LIRA or LIF, one of the former spouses must provide a copy of the judgment to the financial institution or, in the case of a dissolution of a civil union before a notary, a copy of the declaration of dissolution and of the notarized transaction contract.

Partition is carried out by transferring the appropriate amount to the former spouse's LIRA, LIF, voluntary retirement savings plan (VRSP), annuity contract or pension plan.

Persons in a de facto union

To partition locked-in retirement accounts (LIRAs) or life income funds (LIFs), former de facto spouses must reach an agreement within 12 months following the breakdown of their union.

LIRAs or LIFs must be evaluated at their market value. There are no prescribed rules for evaluating the portion accrued during the union, but it must be done in a reasonable way.

To apply for partition of an LIRA or LIF, the former spouses must provide a copy of their agreement to the financial institution.

Partition is carried out by transferring the appropriate amount to the former spouse's LIRA, LIF, voluntary retirement savings plan (VRSP), annuity contract or pension plan.

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