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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

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The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

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A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


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Actuaries report

  • Solice
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09 Jan 08 #10273 by Solice
Topic started by Solice
My ex's sol is requesting an acturies report for my pension as part of the financial full disclosure. My sol is has never come across this ever and is at a loss as to why it is being requested. The only suggestion is that it is a delay tactic on her part. What will her side gain by getting this report?

  • maggie
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09 Jan 08 #10286 by maggie
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You both gain by knowing what your pension's really worth and what the effect of sharing it would be - especially true if it's a final salary scheme.In most cases that seems to require an actuary but in a recent case the Civil Service pension administrators seem to have given that information for free.
Have you tried asking your pension scheme for a prediction of each resulting pension if you shared it on the basis that she got 25% ?
It's worth a try.
If pension sharing's a possibility and your solicitor's not competent you should be very wary - has your solicitor done pension sharing ever?

  • Peter@BDM
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10 Jan 08 #10399 by Peter@BDM
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In the UK, a pension scheme member has a legal entitlement to pension valuation from the scheme. In the majority of cases, the member is entitled to one free valuation from the scheme in any twelve-month period. This value is called a Cash Equivalent Transfer Value (CETV). It is the value the scheme would give if the pension benefits were transferred out and into another pension arrangement. This CETV is a required value on form E, and it is the number that is referred to if a pension sharing or attachment order is made.

The administrators of the Civil Service Pension Scheme are not unusual in providing the value (CETV); they are merely doing what they are legally obliged to do.

CETVs are not really a technically appropriate value for use in a divorce (or dissolution); it is just that they are convenient and usually free. The problem is that obtaining a more appropriate valuation – usually from independent actuary cost money, which is why they are not always obtained. Depending on the type of pension scheme, the difference between the value supplied by the scheme (the CETV) and an independent actuarial valuation can be very marked.

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11 Jan 08 #10442 by maggie
Reply from maggie
Hi Peter
In a recent Pensions Ombudsman determination the Civil Service pension admin people seem to have provided an illustration of the shared pension for free as part of providing information for pension sharing - they showed what allocating 25% of the member's pension to the ex-spouse would do to each resulting pension.

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