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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

  • NE0
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27 Nov 07 #7816 by NE0
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Hi
Just picked up on you saying you mght be screwed for a second time. If your talking spciicaly about a pension scheme then if it has an existing order against it it cant be shared a second time

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27 Nov 07 #7818 by NE0
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Hi Maggie
We have spoken to the DWP regarding them stopping the pension forecasts as in reality they are a necessary part of the full disclosure required in form E. They have confirmed that if the request is made by a lawyer then they will manually calculate the value of benefits.
They were very vague on time scales but the facility does still exist to get a forecast.

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27 Nov 07 #7819 by Mush
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Maggie i recently spoke to the DWP about getting my Pension forcast and as you rightly say, unless you retire before 2010 they will not give it to you. However they did say that some time in spring next year,(read in to that summer, autumn or winter)you will be able to get all that information online. Hope that helps.. Mush

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27 Nov 07 #7825 by maggie
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About protecting pensions from pension sharing - we agreed to share both the pensions in his name -recorded in the Consent Order - then his sol rings mine to suggest we share just the deferred DB pension but not new MP pension" to save costs" [-share of DB pension adjusted to take care of bigger %] - my sol says good idea - do it -alarm bells in my head -I say we should amend consent order - she says no need. Effect - both pensions technically shared but his new money purchase pension has no pension sharing order against it - the pension sharing Annex shows a larger % than the Consent Order. Can I or his new spouse share the second fast growing MP pension at some future date?

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27 Nov 07 #7832 by NE0
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Yes to his prospective future spouse and possible yes to you, depending upon wording of your agreement. (Lawyer's opinion needed there)
You may well have got the better asset though if you received a share in a Defined Benefit (DB) pension scheme. Did you receive “shadow membership” i.e. you are now a member in that pension scheme or did you get a pension sharing order that gave you a pension credit and you have had to take advice on where to invest your new pension funds?
There would have been a cost saving for both of you so that does make sense and given the movements in the stockmarket this year you are likely to have been grateful not to have the Money Purchase (MP) pension as they do go down as well as up!!
Just as long as the % you were given was the right amount then you probably did very well and he is probably the one that has lost some money this year. Hope that brings a smile to your face!!:)

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27 Nov 07 #7834 by maggie
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Dear NEO
It's coming up to Christmas and there is extra angel activity - is your name Gabriel? - please tell me about "shadow membership" of a DB scheme before I go crazy.
I have spent most of this year trying to get the DB scheme to admit I was offered what I call DB benefits - shadow membership sounds right - before the original sponsor company was taken over- the trustee who wrote in response to a request for information for divorce purposes was kicked out and they "lost" the relevant documents.
How does shadow membership work and are you the only one who knows about it?

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27 Nov 07 #7839 by Peter@BDM
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I have just picked up on the discussion about state pensions, valuations and forecasts.

Sorry to get techie and picky here, but are we confusing pension forecasts with the “lump sum value” of an Additional State Pension (State Earnings Related Pensions (SERPS) / State Second Pension (S2P)? I understood that form E required valuations (simple BR20 request – that can be done on-line) of SERPS/S2P, which roughly equates to a CETV. Is Basic State Pension a Form E requirement? As far as I know, there have not been any problems with getting BR20 valuations. It would be interesting to know if others have had problems.

State Pension Forecasts (requested on Form BR19) have been an issue for some while, mostly because the Pension Service does not yet have a computer system that can deal with the changes that have been made e.g. increasing State Pension Age. They are an entirely different subject, because they set out the pension forecast at State Pension Age and they include Basic State Pension, whereas the BR20 does not.

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