Announcement

Collapse
No announcement yet.

Pension - Family Law Value

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Pension - Family Law Value

    Good evening,
    Hoping to get some insight on pension issue.


    Separated in 2013 - Family Law value evaluation was done by the pension company. Noting the splitting was for the 10 years of marriage until separation.


    Ex has not completed paperwork to have the evaluated portion transferred to a LIRA yet.


    Now is expecting that amount plus interest?


    Our separation agreement outlined the original amount. (Happy to have paid the interest for the few months it would have taken to complete paper work).


    1. How does this work?
    2. Is person entitled to interest just on the original amount?
    3. Will this not impact my pension more?

  • #2
    The interest would only be payable if you refused to do the transfer or dragged your heels. If the delay was entirely her fault then no interest is paid.

    Comment


    • #3
      In our case, the pension administrator did the valuation as at the date of separation, and that was the amount used for equalization purposes. When the transfer actually occurred (approx 2.5 years after separation) interest was automatically paid by the plan administrator and included into my LIRA. If I recall correctly the interest was about 2 or 3% and stipulated in the documentation provided by the pension administrator at the time of the valuation.
      Our separation also reiterated the amount to be transferred, "plus interest from the valuation date to the beginning of the month in which the transfer is made", but the rate of interest was dictated by the pension administrator.

      Comment

      Our Divorce Forums
      Forums dedicated to helping people all across Canada get through the separation and divorce process, with discussions about legal issues, parenting issues, financial issues and more.
      Working...
      X