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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.


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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.


Final Salary Pension Scheme

  • lisajj18
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13 Jul 21 #517264 by lisajj18
Topic started by lisajj18
HI

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

I am happy to share more details if required

  • hadenoughnow
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31 Jul 21 #517347 by hadenoughnow
Reply from hadenoughnow
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.

Hadenoughnow

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