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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.

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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Pension

  • everyday1
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06 Nov 07 #6015 by everyday1
Topic started by everyday1
My mother and father are getting divorced. They have completed their form E’s and are now negotiating the divorce settlement.

My mother has a very low income, father is high. Both are 50-60 yrs old.

My father receives a local government pension even though he is less than 65yrs old.

My mother has the CETV value, death entitlements etc from the pension fund. She has been told if there is a pension sharing order is made, the new account created with the pension fund will only kick in when she is 65 years old.

My father will also receive another smaller pension when he is 60 (civil service) I also know the CETV values for this.

I am getting mixed advice on actuary reports because he is in receipt of the pension already?

My mother does not want to take the house or cash – she wants an income i.e 50% of his pension.

Any advice would be really, really grateful.

  • loobyloo
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06 Nov 07 #6027 by loobyloo
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I too am unsure my x2b had CETV on pension but my sol req actuary report... not sure if Clean Break that you get share before pensionable age ... forgot to ask my sol, i would too welcome advice on pension regards looby

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07 Nov 07 #6068 by maggie
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Under the pension sharing legislation you can't take pension payments before age 60 from a pension you've shared on divorce but after age 60 when an ex-spouse member is allowed to take pension payments depends on the pension scheme's own rules for pension sharing - I strongly recommend that you get the rules on pension sharing from the trustees or administrator or pensions manager of the pension scheme before you negotiate a pension share . If they won't provide them ask your solicitor or actuary or the District Judge at FDR about the Scheme Rules on pension sharing- whether the ex-spouse will be offered membership , if so whether it will pay final salary benefits or money purchase benefits and when the pension can be taken and what income it will produce and what tax free lump sum you can take - or whether an ex-spouse sharing the pension must transfer out to another scheme.

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07 Nov 07 #6069 by maggie
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Don't rely on information given in Form P the Pension Inquiry Form - I did and the pension scheme went back on just about all of it after I got my pension share .Form P is not contractual - it's unsigned.
If you've got a solicitor or actuary get them to get the above information directly from the scheme.If you haven't got the above information at FDR it's impossible to know what income you'll get and when - ask the District Judge what income you'll get and when. Don't agree the percentage or sign the Consent Order until you have this information.

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07 Nov 07 #6075 by loobyloo
Reply from loobyloo
Thanks for replies...so a Clean Break and still tied to the so and so til 60 !!! can he offer me lump sum at fdr to ensure no futher redress?
regards again
looby

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