Marriage / divorce - pension
Hello
I am going through a divorce currently and I am in the process of obtaining a cash equivalent transfer form to see how much my pension is worth & to send to the other parties solicitor. I work within the police and have been in the force a couple of years. However, I was only paying into the pension for the first two years of my service and opted out thereafter.
My relationship - the total length of time before separating with my wife was just under 10 years. We were living together as a married couple’ for 11 months and although still technically married now (on paper and won’t be finalised for another good few months), we are not living together and have split up. We had lived together for 5 years and have 0 children.
I started paying into the pension 5 years ago when I started the job, but stopped paying after 2 as previously stated and haven’t contributed since.
Whilst waiting for this cash equivalent transfer form, I would like to know if anyone can help me.
Will my ex wife be entitled to any of my pension? I have no idea what figure I will be looking at.
If so, what amount / percentage.
THANK YOUUU
I am going through a divorce currently and I am in the process of obtaining a cash equivalent transfer form to see how much my pension is worth & to send to the other parties solicitor. I work within the police and have been in the force a couple of years. However, I was only paying into the pension for the first two years of my service and opted out thereafter.
My relationship - the total length of time before separating with my wife was just under 10 years. We were living together as a married couple’ for 11 months and although still technically married now (on paper and won’t be finalised for another good few months), we are not living together and have split up. We had lived together for 5 years and have 0 children.
I started paying into the pension 5 years ago when I started the job, but stopped paying after 2 as previously stated and haven’t contributed since.
Whilst waiting for this cash equivalent transfer form, I would like to know if anyone can help me.
Will my ex wife be entitled to any of my pension? I have no idea what figure I will be looking at.
If so, what amount / percentage.
THANK YOUUU
Your pension is an asset of yours and will therefore be considered as part of the overall financial settlement. As would savings, investments, other property, art & stamp collections etc.
The CETV will likely indicate that the pension is to be relatively low in value (due to the time you contributed) even though it is still a defined benefit scheme. Whether she is entitled to any would depend on how you / the court decide to split your assets between you. Depending on your situation, for example, you might have a claim on her pension.
If you can't reach an agreement over the financial side of things then the court will decide, but the duration of the relationship will usually be taken into account. In simplistic terms, a wife of over 40 years is likely going to have more claim over a rich husband's assets than one of 18 months...
By the way, it might be that the Scheme Trustees offer her a form of membership of the scheme based on a share of your accrued rights. No money actually changes hands, she just gets a tiny pension when she reaches the relevant age.
More importantly is going to be the need for you to re-join the scheme once the divorce is finalised. This is your future form of income and one that is incredibly valuable as it is designed to provide you with an index-linked income (ie it goes up every year) from age 60 onwards based on your earnings over the years. Restarting will give you the chance yo fill any gap made by the transfer.
You also need to re-think your death in service life assurance and complete a fresh nomination of benefits/expression of wish form if your ex-wife is currently named as beneficiary.
The CETV will likely indicate that the pension is to be relatively low in value (due to the time you contributed) even though it is still a defined benefit scheme. Whether she is entitled to any would depend on how you / the court decide to split your assets between you. Depending on your situation, for example, you might have a claim on her pension.
If you can't reach an agreement over the financial side of things then the court will decide, but the duration of the relationship will usually be taken into account. In simplistic terms, a wife of over 40 years is likely going to have more claim over a rich husband's assets than one of 18 months...
By the way, it might be that the Scheme Trustees offer her a form of membership of the scheme based on a share of your accrued rights. No money actually changes hands, she just gets a tiny pension when she reaches the relevant age.
More importantly is going to be the need for you to re-join the scheme once the divorce is finalised. This is your future form of income and one that is incredibly valuable as it is designed to provide you with an index-linked income (ie it goes up every year) from age 60 onwards based on your earnings over the years. Restarting will give you the chance yo fill any gap made by the transfer.
You also need to re-think your death in service life assurance and complete a fresh nomination of benefits/expression of wish form if your ex-wife is currently named as beneficiary.
Original post by SomeonesDad
Your pension is an asset of yours and will therefore be considered as part of the overall financial settlement. As would savings, investments, other property, art & stamp collections etc.
The CETV will likely indicate that the pension is to be relatively low in value (due to the time you contributed) even though it is still a defined benefit scheme. Whether she is entitled to any would depend on how you / the court decide to split your assets between you. Depending on your situation, for example, you might have a claim on her pension.
If you can't reach an agreement over the financial side of things then the court will decide, but the duration of the relationship will usually be taken into account. In simplistic terms, a wife of over 40 years is likely going to have more claim over a rich husband's assets than one of 18 months...
By the way, it might be that the Scheme Trustees offer her a form of membership of the scheme based on a share of your accrued rights. No money actually changes hands, she just gets a tiny pension when she reaches the relevant age.
More importantly is going to be the need for you to re-join the scheme once the divorce is finalised. This is your future form of income and one that is incredibly valuable as it is designed to provide you with an index-linked income (ie it goes up every year) from age 60 onwards based on your earnings over the years. Restarting will give you the chance yo fill any gap made by the transfer.
You also need to re-think your death in service life assurance and complete a fresh nomination of benefits/expression of wish form if your ex-wife is currently named as beneficiary.
The CETV will likely indicate that the pension is to be relatively low in value (due to the time you contributed) even though it is still a defined benefit scheme. Whether she is entitled to any would depend on how you / the court decide to split your assets between you. Depending on your situation, for example, you might have a claim on her pension.
If you can't reach an agreement over the financial side of things then the court will decide, but the duration of the relationship will usually be taken into account. In simplistic terms, a wife of over 40 years is likely going to have more claim over a rich husband's assets than one of 18 months...
By the way, it might be that the Scheme Trustees offer her a form of membership of the scheme based on a share of your accrued rights. No money actually changes hands, she just gets a tiny pension when she reaches the relevant age.
More importantly is going to be the need for you to re-join the scheme once the divorce is finalised. This is your future form of income and one that is incredibly valuable as it is designed to provide you with an index-linked income (ie it goes up every year) from age 60 onwards based on your earnings over the years. Restarting will give you the chance yo fill any gap made by the transfer.
You also need to re-think your death in service life assurance and complete a fresh nomination of benefits/expression of wish form if your ex-wife is currently named as beneficiary.
THANK YOU- thank you for taking the time to reply.
We are both still amicable, and talk on occasions but accept the relationship is over.
We are trying to keep the costs down with solicitors and even tho we have one, only trying to use one for the initial consultation, a few hours here and there snd to finalise the consent order.
When the figure comes through the post, would me and her be able to figure out how much it’s worth and come to some sort of agreement between ourselves (and agree this in the consent order & clean break) or would the solicitors / courts decide who will get what if any.
You can pretty much agree between yourselves, but if it involves accessing any pension funds, you're going to need the court to stamp a Pension Sharing Order otherwise the trustees of the scheme can't act.
So, if she is entitled to it, which it seems she is, would a reasonable thing to do be take her 50% of the pension and deduct that from my 50% of the house sale?
Also, what would happen if we both have debts such as credit card debts? For example, my cc debt is bigger than hers.. would that be taken into consideration because the debts were accumulated during the relationship!?
Also, what would happen if we both have debts such as credit card debts? For example, my cc debt is bigger than hers.. would that be taken into consideration because the debts were accumulated during the relationship!?
Original post by RRArsenal123
So, if she is entitled to it, which it seems she is, would a reasonable thing to do be take her 50% of the pension and deduct that from my 50% of the house sale?
Also, what would happen if we both have debts such as credit card debts? For example, my cc debt is bigger than hers.. would that be taken into consideration because the debts were accumulated during the relationship!?
Also, what would happen if we both have debts such as credit card debts? For example, my cc debt is bigger than hers.. would that be taken into consideration because the debts were accumulated during the relationship!?
Your wealth = your assets-your liabilities.
Whatever you decide to do for example offset the pension against other assets such as your share of the sale proceeds, it's up to you to agree.
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