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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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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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whats it worth??

  • doodles
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31 Jan 08 #12408 by doodles
Topic started by doodles
i believe my ex 2b has a substancial pension fund, can anyone help advise me on the best and fairesrt way of having it valued? many thanx x:dry:

  • Elle
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31 Jan 08 #12430 by Elle
Reply from Elle
Hi doodles
I dont know best and fairest way, I have been advised and agreed to CETV at date of separation.....8 yrs ago....and still we are in court corridors......ultimately i want closure and dont care that he has a pension and i dont cos....after 8 yrs of mind numbing procedures that has allowed him 96% and me 4% of matrimonial assets i cant see past today.....i believe the pension issue in divorce can be a minefield and i have repeatedly stated he can keep the lot to allow me closure.......
Elle

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31 Jan 08 #12431 by unic
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you need to get a Cash Equivalent Transfer Value (CETV) which is the industry standard comparison.
Your x2b wd need to get one for a form E if you are going down the Court route, otherwise I would just insist on one

  • Peter@BDM
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31 Jan 08 #12470 by Peter@BDM
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Be careful with CETVs and in particular suggestions that they are the “gold standard”, that is some way from the truth. What they are is;
a) the number that must be quoted on form E, and
b) the basis number for pension sharing and attachment orders.
If offsetting they are just the convenient starting point.

To give you an idea of whether you should just use the CETV:

If it is a money purchase pension, the CETV is more likely to be close to reasonable.

If it is a final salary pension scheme with a large employer, it could under-value by 10-20%.

If a final salary pension scheme in the public sector, it could under value by 10-20%.

If a public sector scheme for the uniformed services (police, fire & rescue, armed forces etc), it could under value by 30-50% or more!

As a starting point look at the CETV, using the information above decide whether it could be undervaluing the pension. Halve that number (because as a rough guide you might get 50% of the pension value). THEN, decide whether you are bothered about giving up that sort of value. If you are, fine. Otherwise, ask your solicitor about it.

  • Ladybelle
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31 Jan 08 #12489 by Ladybelle
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Is it possible to have half (or whatever percentage is decided on) the pension value as a lump sum ?
Also how do we ever actually value it ? Does it cost to have it valued ? It's x2b pension so does he just ask for it ? It is a substantial civil service one.

  • maggie
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31 Jan 08 #12493 by maggie
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Annie - I think the most you can ever get is 25% tax free lump sum of any pension fund.
how long has your husband been paying into the Civil Service pension?
Do you know which scheme he's in ? -
www.civilservice-pensions.gov.uk/scheme_information.aspx

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01 Feb 08 #12504 by Ladybelle
Reply from Ladybelle
maggie wrote:

Annie - I think the most you can ever get is 25% tax free lump sum of any pension fund.
how long has your husband been paying into the Civil Service pension?
Do you know which scheme he's in ? -
www.civilservice-pensions.gov.uk/scheme_information.aspx


I dont know what scheme he is in, he's been paying in now for 29 years. I do seem to remember there was talk of change of the pensions and he decided to stay in his original one but he never really talked about that with me.
How would he access that money though ? Would his pension release it ? And how is it valued ?

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