Determining Pension Valuations

In the event of a separation or divorce, you will likely have to obtain a pension valuation if you or your employer on your behalf have been contributing to a pension plan for more than five years; the combined cohabitation and marriage have been longer than five years; and the contributions, including interest, equal more than $5,000.00.  The difference between the value of the contributions with interest and the pension valuation can be significant.  The cost of a pension valuation is between $0 and $600.00 (maximum) depending on who your pension plan is with.

Although it used to be the case that the spouse with the pension plan would have to pay the other spouse one-half its value now, the law changed so that now the pension is divided at source.  That means that your spouse‚Äôs pension plan will transfer your share of the pension into a LIRA (locked-in retirement account) or other similar holding account where it will stay until you retire.

The comments contained in this article provide a brief overview only and should not be regarded or relied upon as legal advice or opinion.We would be pleased to provide more information or specific advice on matters of interest to readers.

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