A well respected, award winning social enterprise
Volunteer run - Government and charity funded
We help 50,000 people a year through divorce

01202 805020

Lines open: Monday to Friday 9am-5pm
Call for FREE expert advice & service info


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.


Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.


Forces pension

  • NoWhereToTurnl
  • NoWhereToTurnl's Avatar
  • Platinum Member
  • Platinum Member
More
05 Aug 12 #347446 by NoWhereToTurnl
Reply from NoWhereToTurnl
Can I just ask Fiona about CEB, my ex is NHS, as am I, I spoke to them on Monday re CEB, I was told there was know such thing, I quoted chapter and verse, she still said I had no idea what I was talking about!
I contacted my solicitor, having given permission to NHS, she was told exactly the same!
Outcome.... NHS do not do CEB nor do most public services providers and forces was one mentioned. If you want more details PM me.

NWTT.

  • asram
  • asram's Avatar
  • Platinum Member
  • Platinum Member
More
05 Aug 12 #347450 by asram
Reply from asram
The following link gives you answers regarding pension sharing, Earmarking and Pensions in Payment

www.mod.uk/NR/rdonlyres/26A8E246-4EB4-4B...ipsMMP131Nov2011.pdf
Hope this helps

  • ian conlon actuary
  • ian conlon actuary's Avatar
  • Platinum Member
  • Platinum Member
More
07 Aug 12 #348028 by ian conlon actuary
Reply from ian conlon actuary
Firstly,I have seen lots of terms used for the value the scheme places on a pension benefit (CETV, CEV, CEB etc). The relevant legislation refers to Cash Equivalents, these are most commonly referred to as Cash Equivalent Transfer Values (or CETVs for short).
With a pension share from any of the public sector pension schemes (including the armed forces), the spouse is provided with a guaranteed amount of pension payable from a specified age (some permit payment from age 55 onwards on a reduced basis). The pension increases in line with price inflation both in the period prior to retirement and in retirement and continues to be paid to the spouse for the remainder of his or her life irrespective of whether he or she remarries or if thei ex is alive or not. For all of these reasons, pension sharing in th context of public sector pensions in particular represent in my voew the fairest way in wich to deal with pension assets.

What both parties need to understand is the implications of a share in terms of what income will be produced for the spouse for a given % pension share and what the impact will be on the member''s pension.
Hope that''s of use.
Ian

  • penny10p
  • penny10p's Avatar
  • Elite Member
  • Elite Member
More
30 Aug 12 #352738 by penny10p
Reply from penny10p
"What both parties need to understand is the implications of a share in terms of what income will be produced for the spouse for a given % pension share and what the impact will be on the member''s pension."

This is a good point but does anyone know if it is possible to find out how much income would be produced from a share of the pension?

In my case, we agreed a pension split and shortly after my ex left the Forces. For various reasons it has taken about 2 years for the Consent Order and pension sharing annex to be submitted to the court. During this time he has been receiving the full pension so he knows exactly how much he is getting. He also knows that his pension will reduce by a certain percentage once the pension share is implemented. I, on the other hand, have no idea how much I will get. And isn''t the "pot" that my share is coming from reducing because he is already receiving the pension?

  • ian conlon actuary
  • ian conlon actuary's Avatar
  • Platinum Member
  • Platinum Member
More
30 Aug 12 #352782 by ian conlon actuary
Reply from ian conlon actuary
Penny, I agree entirely, both parties should be in a position where they undestand what impact a given percentage pension share is going to have. This is one of the main reasons for getting an actuarial report.
Whilst this means an additional cost, where pension assets are measured in £ hundreds of thousands you are effectively agreeing to something without knowing what the actual outcome is going to be if you agree a pension share without a report.
There are a number of issues which may need to be considered.
1) Pension share applied prior to retirement v pension share applied post retirement
2) Age at which member may retire - illustrating impact of changing assumed retirement age
3) Age at which the spouse is expecting to draw benefits from pension share and impact of changing this
4) scope for both parties to take a proportion of pension benefits as a cash sum at retirement.

In your particular circumstances, you will not be able to take a cash sum as your husband has already retired.

Hope that''s of use.
Ian

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11

The modern, convenient and affordable way to divorce.

No-Fault Divorce £179

We provide the UK's lowest cost no-fault divorce service, managed by a well respected firm of solicitors. 


Online Mediation £250

Online mediation is a convenient and inexpensive way to agree on a fair financial settlement.


Consent Order £259

This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.


Court Support £250

Support for people who have to go to court to get a fair divorce financial settlement without a solicitor.