I am currently getting divorced and my soon to be ex has never really paid into a pension however I work for the local authority and have a final salary pension scheme. He is trying to take a portion of my pension. I have received a statement from the local authority with the following figures
Final salary Transfer Value - £56638.16
Care Benefits Transfer Value - £41903.68
Total Transfer Value - £98541.84
How do i work out how much he is entitled to?
Is he only entitled to a part of the salary value or all of it?
Thanks in advance i'm a bit lost and tamping i suppose
pension sharing on divorce has been enshrined in law for more than 20 years. It has to be considered as part of any financial settlement.
A pension of less than £100k is really too small to go to the expense of an actuary's report.
As a start point you could look at how many years you have paid into the scheme and whether you started paying in before you started to live together) even if you weren't married). Divide the CEV by the number of years you have paid in, multiply that figure by the number of years you have been married/cohabiting and divide by 2. This will give you a reasonable idea of what to propose.
If he wants cash instead of a pension share, he wouldn't get cash on a £ for £ basis. There would usually be a discount applied. The size of the discount depends on ages - ie how long it is before the pension can be taken. You can also offset pension entitlement against other assets on the same basis.