Following a matrimonial settlement requiring the transfer of a specified lump sum from the respondent’s pension to the applicant, the applicant sought an order requiring the payment of interest on the transferred amount.
The court considered the statutory scheme under the Pension Benefits Act and related regulations governing transfers of pension value following marriage breakdown.
It held that interest is automatically added only where a transfer is expressed as a percentage of the imputed value of the pension, not where the transfer is expressed as a fixed specified amount.
Because the final consent order required the transfer of a specified amount and contained no provision for interest, the pension plan administrator had no authority to add interest.
The applicant’s request to compel payment of interest was therefore dismissed.
