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

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Old 10-15-2019, 09:04 PM
Veryconfused Veryconfused is offline
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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?
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Old 10-15-2019, 09:09 PM
rockscan rockscan is offline
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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.
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Old 10-15-2019, 10:19 PM
ReFrame ReFrame is offline
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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.
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