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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.

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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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what does it mean ??

  • janet93
  • janet93's Avatar Posted by
  • Senior Member
  • Senior Member
30 Mar 12 #320778 by janet93
Topic started by janet93
Morning all,
I have just been awarded a 50% share in a pension with CETV value of £30,000.Can someone tell me what that means I get when I retire? I am 54 at the moment It''s with Scottish Widows so a private plan.

  • maisymoos
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  • Platinum Member
  • Platinum Member
30 Mar 12 #320782 by maisymoos
Reply from maisymoos
If you are getting a 50% pension share. Effectively 50% of this pension will be transferred to you. What you get and what age will be in line with the rules for that particular pension scheme.

  • The Divorce IFA
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  • Platinum Member
30 Mar 12 #320784 by The Divorce IFA
Reply from The Divorce IFA

Once the pension sharing order is implemented you will get a pension in your own name under your own control.

Because it is a private pension you will have to let Scottish Widows know where you want your share to be transferred it cannot be retained with them. (They may offer to set a scheme up for you).

But, do you have a pension already which could receive this pension or if not how will you set one up? If you are working is there a scheme at work that will take this pension.

The minimum retirement age is 55 under a personal pension so this will be the first opportunity you can take benefits.

If you retire later then the fund is likely to have had a chance to grow more.

As a basic idea of annuity rates at age 55, for one type of annuity the rate would be 4.8%. Therefore, assuming you bought an annuity with the whole of your pension pot this would give you £720 per annum.

You may well have other options to consider when you do retire.

I hope this helps as a starter. If you would like some further information, please post again.

  • janet93
  • janet93's Avatar Posted by
  • Senior Member
  • Senior Member
31 Mar 12 #321015 by janet93
Reply from janet93
Thanks,has given me things to think about x

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