Transfer day (also known as the effective date) meaning

In pensions on divorce or dissolution, the transfer day (effective date) is when a pension sharing order actually takes effect: from that date the recipient becomes legally entitled to the pension credit and the scheme must implement the split. In England and Wales, this is a statutory concept (Matrimonial Causes Act 1973, s24B(2) and s24C, within the Welfare Reform and Pensions Act 1999 regime). The order takes effect on the later of: - the making of the final order of divorce/dissolution (formerly the decree absolute), and - the end of seven days beginning with the day the appeal period expires (typically giving an effective date 28 days after the order, unless an appeal is lodged or time is extended). If an appeal is brought, the transfer day is deferred until the appeal is finally disposed of. The transfer day usually starts the pension scheme’s implementation period (commonly four months, subject to receipt of required information). Northern Ireland applies equivalent rules under its matrimonial and civil partnership legislation. Scotland follows a comparable approach for pension sharing orders under the Family Law (Scotland) Act 1985. In Ireland, pension adjustment orders are used; the term transfer day is not used and the court‑specified effective date...