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Pension Sharing

  • sailorcaz1
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18 Mar 08 #17158 by sailorcaz1
Topic started by sailorcaz1
My ex and I have agreed to split his pension 50/50 and he has contacted various of his pension schemes to get the CETVs but one of them has said that they can't do anything until we get a Court Order as all pension sharing arrangements have to be made in this way.

My ex doesn't want to do this if it is not necessary. Can anyone confirm how we can resolve this - my pension scheme haven't mentioned anything about a Court Order even though they know it is a divorce. I just want to get it all sorted out but I don't know how to!

Thanks!

  • sexysadie
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18 Mar 08 #17159 by sexysadie
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You will need to get a court order to finalise your financial arrangements even if you negotiate a settlement between you. This is important for both of you as it gives you a definite break and neither of you can come back for more later.

Pension providers do the splitting on reciept of a court order telling them to do it as the result of divorce. Otherwise anyone could split their pension with anyone they liked, which they can't.

Sadie

  • Peter@BDM
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19 Mar 08 #17179 by Peter@BDM
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Sailorcaz1

Sorry, but the scheme is either talking rubbish or they have misunderstood the enquiry. They have a legal obligation to provide a member with a valuation. In most cases, this means one free valuation in every twelve-month period. You certainly do not require a court order, a simple request is all that is necessary.

There is a small change that they are being a little naughty with the terminology. Providing the pension is not in payment, what you need is a Cash Equivalent Transfer Value (C.E.T.V.). If the pension is in payment a CETV is inappropriate so the requirement is a Cash Equivalent Benefit (C.E.B.). If the pension is an employer sponsored pension scheme, the administrators should be very familiar with these requirements and provide what you need.

If any or all the pensions are “private” pension (stakeholder, personal pension, executive pension etc), typically provided by a pension provider or insurance company (such as Scottish Widows or Prudential), they are still obliged to assist but they may not be so clued-up on the terminology, so if they are still “unhelpful” asks them for a transfer statement instead.

I hope that this helps.

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