Me and my ex have just agreed to share his main occupational pension 50/50, we have gone through the mediation process and are now waiting for the mediation summary to be done.
We have been told to see a solicitor to get a document drawn up to take to court for them to issue the pension sharing order.
I was told on this forum by some kind soul that I could do it all myself without involving solicitors, neither of us have any spare cash and would like to avoid solicitors fees, and we even have to get one for my ex to check the documents over!
I know that I may not get half the value of the pension with a 50/50 percentage split and am still thinking about seeing an actuary about it.
My question is - how difficult is it to draw up the document yourself for the court to issue an order for? There must be a form of some sort?
You will need a consent order with a pension sharing annexe attached to be able to facilitate a pension share. A consent order is a legally binding document that can be enforced by County Court or Magistrates Court, even High Court, for this and many other reasons a consent order must be written by a qualified solicitor. Some couples will write their own agreement and even have it witnessed thinking it will be fine, actually it isn't worth the paper its written on, it is not binding or enforceable in anyway. These documents are often very technical and include many factors most people not legally qualified would not think of, even if they did wording is very important, as with any legal document.
Thank you very much! That looks much more feasible. I have just found out that a pension report would cost us £1400 which I just don’t have, might have to take a loan out. If anyone knows how to get a pension report done for a very basic pension share of one pension and equal income, please let me know. It would be lovely if there was a wikipensionsharing site as well!
The difficulty with a pension report is that it is devilishly complex and relies upon the circumstances of the individuals involved. It's not just a case of pressing a button and getting some numbers on a page.
Going back to your original question, and to add to ruby's response, the consent order can be compared to an architects plan. You need to know what you are doing to draw the plan and it has to be sufficiently complex to address all issues.
With a consent order, you have to know what to include, what to exclude and ensure that all issues are addressed. For instance, an agreement might be made where a house is sold and the proceeds are split equally. However, what happens if the property doesn't sell? What happens if one party wants to buy out the other party? Does the property have to be valued by an estate agent or a surveyor? Those are simple issues which could be overlooked.
The more complex the issues, the more complex the order have to be.
Thank you Charles, fortunately ours is very simple, one pension split down the middle but the query is will the pension provider accept that? I have heard that they must have a percentage value to provide equal income and a basic pension report costs £1400 that I don’t have to spare. They must use some sort of calculation based on age and gender and it does not sound so impossible to work that out if I only knew what formula they used? My ex is 7 years older than me, we both have health diagnosis but his are slightly worse than mine and still both healthy and active. I don’t know if they look at that as well, but if they don’t then it’s just a matter of factoring in age and gender because to be honest that is all a pension actuary would know as far as I understand.