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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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Commission a pension report or shoot the actuary?

  • maggie
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15 Feb 08 #13983 by maggie
Reply from maggie
I've been unable to find out what effect the pension share has had on my ex-husband's pension.
He insisted on selling the family home and taking a cash lump sum - that made sharing the final salary pension inevitable in our circumstances.
You're saying that he will no longer have the original one sixtieth of final salary times years worked promise - minus what was deducted for my share of the CETV ?
That sharing effectively removed the sponsor company's pension covenant/promise of a "guaranteed" pension level for him?
If so the pension scheme and the iniquitous sponsor company in our case really benefited from our divorce misery.
Why doesn't the system force disclosure of that information?
It reduces the assets available - something the ancillary relief system is supposed to prevent?

  • Peter@BDM
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15 Feb 08 #13987 by Peter@BDM
Reply from Peter@BDM
Peter (ingout) – too many Peter’s around here, it must be the Peter Principle in operation - en.wikipedia.org/wiki/Peter_Principle

Sorry, no! If you do a (50/50) pension sharing order, your annual pension will be worth half (£6k pa). But your stbx will probably not get the same annual pension, more likely to be less (main factors are her age, likely to be younger than you, and gender, women are still living longer than men, so on average her pension will potentially be paid for longer).

Personally, I am not familiar with exactly how the NHS implements pension sharing orders – I leave that to my actuarial colleagues! Therefore, I cannot answer whether they will continue to link your future service with the past, despite the pension debit. You could ask them, or perhaps other Boarder’s are more familiar with what the NHS scheme does – I would be surprised if they did not link.

As to your stbx and whether she can take her share of the money and put it into a scheme of her own. The NHS definitely creates pension credits in the NHS scheme, so she would become a member of the scheme in her own right and would retire under normal NHS rules. Because she will have her own NHS pension entitlement as a result of the pension sharing order, your retirement and retirement age are irrelevant, hence the Clean Break.

Theoretically, she might be able to transfer out of the NHS scheme at some later date, but that is almost certainly not a good idea.

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