My husband, who is a GP has a considerable NHS pension. Due to looking after our three children i have only contributed 4 part time years into my NHS pension. I am currently employed as a a community staff nurse. Husband''s pension is our biggest asset by far. Lump sum of 80 - 90 thousand pound and annual pension of 40 thousand ( i saw the estimate a few years ago. ) He is almost 59 and will retire soon within the next year or two. Am i better waiting until he retires to start divorce proceedings, as I will know exactly what the pension is and not loose out on transfer value. We have been married 27 years. appreciate any help thanks.
I don''t think waiting will make any difference really. As he is so close to retiring, the lumop sum is important.It can be treated as part of the cash assets on divorce if necessary.. ie if there is not enough equity to house you both. The remaining pension could be split.
I would suggest that you consider an actuary''s report for a pension of this size ... to find out what percentage split would be needed for you to have equality of incomes on retirement. An NHS pension is so-called gold plated ... so very valuable. I am not sure if you can share within the scheme or not. If you also have an nhs pension it may be able to be transferred to yours.
After a long marriage, the start point for division is 50:50 of the available pot. It can be departed from depending on circumstances - inckuding needs and incomes.
You cannot have a binding financial agreement until you have a Decree Nisi in place.