My ex left the army about 2 years ago and has been receiving a forces pension ever since. He got a CETV (or the equivalent) and we agreed a financial settlement which was basically that I would get a percentage of his pension as a pension share. For various reasons it has taken ages for this to get to court and the Consent Order is still not approved. My question is this: as he is already receiving his pension is the pension pot getting smaller? Will I get a percentage of a the smaller pot, in other words less pension than I would have got if this had all been resolved 2 years ago? He thinks that it makes no difference to the amount I will get. Oh the other hand it benefits him to delay things because as soon as the pension share is implemented his pension will be reduced by the agreed percentage. Has anyone been is this situation and can enlighten me?
The amount of pension you get from say a 50% share will depend upon a number of factors.
Firstly the CETV (the % share is appleid to the CETV). The CETV will have reduced at the point that your husband retired due to him taking a cash sum.
The CETV will reduce gradually over time as your husband ages as it represents the value of future pension payments.
Further, the amount of pension provided to you per £100 of pension asset transferred to you reduces over time the closer you get to age 60.
The pension is in payment so Ian`s valid comment on reduction due to draw down is not relevant.
They have an agreement which is to be sealed, so we are talking weeks not years, in which case the "pot" will not reduce, it takes time to dissipate.
If the pension was not in payment no agreement existed then i suppose there would be cause to worry, given the lump sum was payed an agreement is in place and the order about to be sealed i can`t see any reason to worry.
If i am wrong i have no doubt Ian who is of course the expert here will lick my ar*e until my ears fall off.