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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.

What steps can we take to reach a fair agreement?

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

What is a Consent Order and why do we need one?

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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ACTUARY REPORT

  • howier
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29 Oct 07 #5458 by howier
Topic started by howier
Any Actuaries reading this (surely even thier ex's try to sting them for AR!) help please;) .

Wondering if any actuaries or anyone else reading this had actuaries report done and are able to advise me the information I need to compile/supply for the report to be acturately completed? Are they useful reports or should I fear the worst?

Had FDR last week with no meaninful negotiation, ex2b submitted AR for share of my military pension but cannot agree % (me-Male, 51, pension in payment, CETV £145,000, ex Army, retired 1995 on medical grounds after 21 years, disabled, working full time) children no longer dependants all other marital assests divided 50/50 at time of seperation, so only pension in dispute:woohoo: .

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29 Oct 07 #5463 by Fiona
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There is an actuary who posts, but he probably concentrates too hard and is a comatose during the day. Maybe I'm missing something, I don't quite understand when you say the pension is in payment and quote the CETV. I'm no expert on pensions, especially service ones, but if you are in receipt of the pension then isn't it income which is relevant???

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29 Oct 07 #5466 by howier
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Thanks for info, will await the actuary coming round and hopefully will be able to give me full requirements from the horses mouth (so to speak).
yes is confusing and is an unfunded public pension so is fund going down with payments or what? CETV was provided by MOD pension people, is now also treated as income but don't know how they going to sort a PSO and not leave me worse off, been in issue since 1995?

  • JLGsDad
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29 Oct 07 #5479 by JLGsDad
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Good news and bad news.
Good news: I have to put my hand up to not only being an actuary but having been in the RAF for 18+ yrs.
Bad news: I'm a life insurance not a pensions actuary, albeit with the ability to do the sums.

Technically, Fiona is spot on. There is no such thing as a CETV for a pension in payment. All there is is the value of the pension payments, which can be valued relatively easily once the details of the individual and scheme are known.

It does get complicated, though, when the marriage is only part of the pension-earning period, as is normally the case, which is why courts tend to look at the income stream rather than a fixed value.

Things get even more complicated for you because you went out on ill-health (your pension is worth less because you would be expected to die earlier) and as dependants' benefits are included.

So, some advice.
Have a look at the Services Pensions website. There are a number of publications, but they tend to assume that the victim, oh sorry, serviceman, is still serving so you may find things confusing.
To see how much you're pension is worth, you need to look at what annuity (annual payments until you die) you get for some payment now (try £100,000 first, as this is what annuity rates are quoted for) then do a bit of maths. Say £100k gets you £7,000 a year, then a pension of £3,000 is worth 3,00o/7,000x100,000 = £42,000 say. Try a variety of sites (just search 'annuity rates') and find one with the best fit to you (smoker? physical state? must be inflation-linked ('RPI'), single-life (best idea for now)).
I'm very busy with my divorce and work for a week or two. After that, feel free to contact me directly to let me know how you are getting on and to see if there is anything that I can help you with.

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29 Oct 07 #5482 by howier
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JLGsDad, thanks for the info, good luck with yours. will see what Ican find out myself.

will try to make sense of it and do some more searching on tinternet. Would still apreaciate if anyone knows what information excactly they going to ask me to supply in order to complete this report!!

  • maggie
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30 Oct 07 #5487 by maggie
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30 Oct 07 #5525 by howier
Reply from howier
Maggie thanks, managed to get some useful info off there but not all links are working so the one list I really wanted 'information required' did not work so still hoping to get a definitaive answer from someone who has been through this!
Thank you

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