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Duxbury lump sum to replace maintenance payments

  • maggie
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23 Mar 10 #193742 by maggie
Topic started by maggie
Are courts still using Duxbury calculations?
Latest Duxbury calcs I can access are for 2006/7 in At a Glance tables for Ancillary Relief.
They assume a return/interest rate of 3.75%

According to Duxbury 2006 a woman aged 60 with no other income will need a lump sum of £89,000 to produce £10,000 gross a year for the rest of her life.
HOW?
Over the page - "Annuities"
woman aged 60 with £100,000 to buy an annuity will get £5,609 gross per year for the rest of her life.

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23 Mar 10 #193782 by .Charles
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At a glance is updated every year. I stumbled across a copy of the 09/10 edition (black cover) under my colleague's desk the other side. I had been stomping on it for a couple of hours before I realised!

Charles

  • maggie
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23 Mar 10 #193795 by maggie
Reply from maggie
Is Duxbury still in there?
3.75% return still?
Any alternatives to Duxbury - looks like the worst poss deal.

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23 Mar 10 #193828 by .Charles
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Just nicked a copy from another colelague's desk...

Using the same example the Gross RPI figure is currently £3,500.00.

The revised capital growth rate is 3% which appears incorrect if considered over the last 10 years but equals out over the last 20 years.

Charles

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23 Mar 10 #193834 by dukey
Reply from dukey
Maggie there is an alternative to duxbury tables but they seem to be seldom used and can throw out some odd numbers in some circumstances.

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23 Mar 10 #193863 by Elle
Reply from Elle
dukey wrote:

Maggie there is an alternative to duxbury tables but they seem to be seldom used and can throw out some odd numbers in some circumstances.


And the duxbury tables don't :unsure:;)

E

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24 Mar 10 #194043 by maggie
Reply from maggie
I've read in an example in a Sidney Ross article for Family Law Week:
www.familylawweek.co.uk/site.aspx?i=ed33461
"the Duxbury tables and the At A Glance programme assume that the claimant is receiving the full state pension."
so for a person old enough to claim State Pension the Duxbury lump sum already automatically takes that pension income into account - eg if the periodical payment to be replaced is a tax free £10k per year - assuming the State Pension is £4k per year the Duxbury calculation will give a lump sum to produce £6k net/after tax per year.

From the Mills & Reeve website:
"Duxbury calculations can be particularly useful when there is a variation application to capitalise an existing maintenance order. In this case, having already dealt with the capital side of the finances, the courts are more strictly confined (although not exclusively) to Duxbury-based lump sums in order to bring about a Clean Break."
So weapon of choice then.
If we do go to court to vary, will the judge automatically run a Duxbury over the payer's current cash assets?
If the judge finds using Duxbury we can capitalise maintenance to produce a clean break do I have to?

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