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Joint Actuarial Pensions Report Query

  • Chevette
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04 Jan 21 #515230 by Chevette
Topic started by Chevette
10 year marriage, no kids, both working.Both have pensions, mine larger.
I have had my fda, my Stbx's side managed to argue for a joint actuarial pensions report.
The wording on the 'General form of Order', says,

'The parties shall jointly instruct an agreed pensions actuary as a single joint expert to provide a report, addressing the following matters:
a. The most cost-effective way to divide the pension provision available to both parties (including state pension) between the parties so as to provide equality of pension income on two alternative bases, namely when both parties reach the age of 66.
b. The most cost-effective way to divide the matrimonial pension provision (cohabitation to separation) available to both parties (including state pension) between the parties as to provide equality of pension income on two alternate bases, namely when both parties reach the age of 66.
c. An estimate of the pension income that would be receivable by the applicant and respondent in each of the scenarios in paragraph (a) and (b) above.

Does anyone know if that means, the actuarial report will only give a yearly pension income figure rather than say a lump sum, which would show what the difference is between our pensions both from cohabitation & the total pensions?

If thats the case, is it worthwhile asking for the letter of instruction to the Actuary to include 'lump sum' figures.
I am confused by the wording, but it seems to me to be better to have both options on the table, as they could help negotiations.....

One other thing, I am expected to pay half for this report.....Can I refuse to?...Or would that put me in contempt of court
Any advice would be very welcome.

  • hadenoughnow
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10 Jan 21 #515302 by hadenoughnow
Reply from hadenoughnow
If it is a joint imstruction you must pay your share of the cost.

The actuary will look at the amount of income the pension funds will produce on retirement and also take into account the level of state pension to which you will be entitled based on contributions to date.

Bear in mind that different types of pension produce different levels of income even when the CEV is apparently the same. The aim is to equalise incomes.

They will look at the whole fund and that built up during the relationship. If pensions are shared, funds are transferred or shared within a scheme so you still each have your own separate pension fund.

Pensions shared within a scheme may not allow the new beneficiary to take a tax free lump sum.

Hadenoughnow

  • AJ3502
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11 Jan 21 - 11 Jan 21 #515323 by AJ3502
Reply from AJ3502
Just to, give you some idea of the costing of an actuarial report. I've just had one conducted. The cost of this was £2160. I was advised and have paid half. Hope this helps good luck.

The report sets out the potential options and states pension values. These reports do contain lots of information so take your time to digest any information that is presented to you.
Last edit: 11 Jan 21 by AJ3502. Reason: To add additional information

  • Irungu
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28 Jun 21 #517134 by Irungu
Reply from Irungu
Hello AJ3502,

Could you please share the details of actuarial firm that you utilised for your pension valuation.How long did the whole process take?Thanks.

Kind Regards,
Phylis

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