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No actuarial valuation for final salary pension

  • maggie
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18 Jun 12 #337345 by maggie
Topic started by maggie
Has anyone successfully sued their solicitor or barrister for financial loss resulting from not securing an actuarial valuation before sharing a final salary pension?

Found a couple of references by googling :
eg damages from bad advice:
www.profneglawyers.co.uk/bio/3/mike-robinson
"Recovery of damages for client in £100,000 claim against former solicitors who failed to advise properly in relation to pension sharing aspects of divorce settlement."
but have found no detail as to grounds - whether it was about valuation.
I took some action - ie did what was cost free - at the time but got nowhere with solicitors investigation - I couldn''t afford to take it further with a negligence solicitor at the time.

Is failing to ensure your client gets a pension actuarial valuation [PAV]for sharing a final salary pension negligence by a solicitor?
I suppose what bothers me about the very simple attractive notion that I can sue my solicitor for he difference between the CETV and the PAV is my confusion about the legal standing of an actuarial valuation done for divorce; I''ve some recollection of an actuarial valuation done for divorce purposes being successfully overturned on appeal on grounds of he assumptions used in the calculation - but I''ve no idea if that affects the general run of actuarial valuations.
Would a judge accept that, for pension sharing, because a solicitor accepted the CETV offered by the final salary scheme - say £300,000 - as the true valuation and failed to get an actuarial valuation - now calculated as say £400,000 - that the solicitor is responsible for a loss to the client of their % share of £100,000?

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18 Jun 12 #337419 by Tirov
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Most cases like the one you describe are settled on a confidential basis so as to protect the ''at fault'' Solicitors from having their name blasted all over the local newspaper.
Tirov

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18 Jun 12 #337422 by dukey
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I honestly don''t know if it has happened Maggie I don''t see any reason it couldn''t though, the damages would be subjective though, it most certainly would not be pound for pound the difference between CETV and actuarial valuation simply because pensions for the most part don''t have a pound value in liquid terms.

The real problem I can see is that if you attempt to sue a solicitor they will refer it to their underwriter so then it''s you against an insurance company, generally the test used if you suggest a solicitor was negligent is to ask would other practices have acted in a similar way, due to the divergence in approach it becomes very difficult to show negligence.

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19 Jun 12 #337551 by Tirov
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Dukey
If there was a review of the Solicitors papers in regard to all the divorce financials at no cost to any of the parties involved and an error was found and it was recommended by a Solicitor and or Barrister that a claim be filed again at no cost to the out of pocket party and the only charge being a 15% success fee based on the settlement figure are you saying that it is not worth a punt for the agrieved party?
Tirov

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19 Jun 12 #337554 by dukey
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Not really Tirov no

I suppose wiki has a fair bit of experience with members who were badly advised and have both complained and in some cases attempted to sue for damages, but its a long and hard road, the few who were successful received peanuts about one hours money back.

I would think you will know far more about this, do you know of any successful cases?, if so was it worth their while, i take it you use civil procedure with part 36 offers?, is indemnity insurance required? if not how is it funded if unsuccessful?.

With part 36 offers the 15% fee is across the board more or less but then costs are retrieved, do you do the same.

Excuse the questions i find it a very interesting idea indeed.

Regards Carl.

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19 Jun 12 #337558 by dizzybee
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Hi Maggie
I am actually in the middle of sueing my solicitors for Professional Negligence. I have found an excellent solicitor specialising in Ancillary Relief. It is always passed on to solicitors insurance company but they will have to release your files. It is very interesting to see whether solicitors have kept detailed attendance notes and records of telephone calls e-mails etc. I will PM with name of solicitor it is definately worth a chat as you have nothing to lose.
Regards
DB

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