Having reached what I thought was a reasonable agreement with my STBX I have visited a solicitor. My STBX has a good RN pension (served 32 years) plus a good 2nd job salary and pension. I had provisionally agreed with him to keep the house and mortgage and forfeit my pension rights. Solictor feels not a great idea as pension is security for me. But I dont get it for 13 years. What do I do in the meantime? House equity is not enough to downsize outright so will struggle until I retire. Do I try to manage on what I have and use the property as a pension, we have a nice detached 4 bed. Or do I move on? So confused now. Advice from all angles is take his pension. Have had two different stories from different solicitors, one says I get pension at 65 and the other at 55. This would make a huge difference. Does anybody know?
BTW STBX has hinted to kids that next year will be a BIG year for holidaying in Caribbean, probably for the wedding to the OW! I stuggle to find enough for a weekend in Blackpool. Solicitor says that after 30 years together I deserve a similar lifestyle and whilst my STBX feels he is being more than reasonable, actually I should not be in this situation - he earns 3 x as much as me inc realised pension. Oh I am so mixed up now, not sure what to do anymore.
Why is there a difference of opinion about the age you will get the pension?Will your husband get his pension at 55?
I think you really do need to look to your future and make sure you will have a decent income in your later years that will be secure and guaranteed.It depends in which part of the country you live as to whether a 4 bed detached house could provide you with a decent pension fund.I personally would go for a share of your husbands pension as being a safer bet.
Is the RN pension worth the same as the house?
Do you know what his annual RN pension payment is?
Are you opposed to sharing the pension?
Do you have an index-linked defined benefit pension that matches his?
The pension overall is worth way more than the house. And he gets a little less than my annual salary per annum. He is also working full-time in a reasonably well paid job with a further pension. As a young married couple together for life (!) it was decided my career/pension would take a back seat so I pretty much have no income for my future now. I am in a job which has a very good pension arrangement but have only been there a year so the net annual worth isnt going to be very much. However, he has agreed a short-term spousal maintenance and if I take in lodgers I can manage. But splitting the house equity 50/50 does not allow me to downsize without a bigger mortgage and I will have to wait 13 years until I see my part of the pension - I could die in that time. The house now is worth the equivalent of two small one bed flats. So am looking to hang on to it until I retire and buy the two flats, one to live in and the other as my pension. But solicitor thinks not such a good idea. It''s so confusing.
The age when I suppossedly get the pension is one of the reasons I made the post. I am really not sure what the answer is. I was hoping someone out there would know. Obviously it''s a question I need to put to my solicitor as having the pension next year would make a huge difference to having it in 13 years time!
Given that you put your career on hold to look after children etc. (presumably while he was away if he was in RN) you are probably entitled to more than 50% of house. Would that make a difference? If you got more than half the house, could you downsize, maybe with a small mortgage, to somewhere you could stay long-term, while having the pension share to support you later?
You also need to get his pension properly valued, probably by an actuary, as forces pensions don''t have their worth properlly reflected in CETVs.
I would agree that you should go for the pension as it is a good one and will be important security for you. Managing a rental flat is one thing when you are 65 but quite another when you are 85. You also have no guarrantee about what will happen to rental prices - you may not get enough to live on from renting out a flat in 20 or 30 years time.
To find out when you would be able to take a shared RN pension you probably need to ask the pension provider. But even if you can''t have it until 65 it would almost certainly be worth having it.
Your solicitor is right that you should be looking at a lifestyle much more comparable to his. You should be going for spouse maintenance, or a larger share of the house plus a pension share, to compensate for your forfieted earnings.
for the full pension - helpfully- it''s "either 60 or 65" depending on which scheme he''s in - or 55 for either if you''re prepared to accept an actuarially reduced pension
[not usually a good idea ] - actuarially reduced because it''s a pension taken before the normal retirement date for a pension credit member.
[ie an ex spouse who became a member by sharing on divorce.]
He''ll have taken the tax free lump sum when he started his pension - so you also need to look to sharing that?
PS I said:
"it''s "either 60 or 65" depending on which scheme he''s in " - just realised that''s dorky - what scheme he''s in is irrelevant to the age you can take your pension; it looks to me as though the pension scheme applies the same rules to pension credit pensions as it applies to deferred/preserved pensions - so you''d have to take your pension at age 65.
If you ever get a definitive statement to that effect please post it here???