Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Reply
 
Thread Tools
  #1  
Old 10-15-2019, 09:04 PM
Veryconfused Veryconfused is offline
Junior Member
 
Join Date: Sep 2016
Posts: 27
Veryconfused is on a distinguished road
Default 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?
Reply With Quote
  #2  
Old 10-15-2019, 09:09 PM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 5,865
rockscan will become famous soon enoughrockscan will become famous soon enough
Default

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.
Reply With Quote
  #3  
Old 10-15-2019, 10:19 PM
ReFrame ReFrame is offline
Member
 
Join Date: Apr 2018
Posts: 31
ReFrame is on a distinguished road
Default

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.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
new here...pls be gentle! :) caro46 Introductions 9 08-11-2011 02:49 PM
press release: Ontario's Family Responsibility office Peggy Parenting Issues 8 10-22-2010 10:20 AM
Ontario Justice Bruce Pugsley's recent comments in family court logicalvelocity Political Issues 7 09-22-2010 05:10 PM
Infant Access and Breastfeeding quake Parenting Issues 31 02-01-2006 06:35 PM
Ontario law must apply in Family Arbitrations lammie Divorce & Family Law 0 11-20-2005 10:29 AM


All times are GMT -4. The time now is 05:18 PM.