CLAIM ON NHS PENSION RIGHTS

Going through financial settlement/divorce with x wife... she has a NHS pension, she has had 9 years with them and is on a final salary pension. I think 1/60 deal.

we were together for 19ys married for 1 yr and then she filed for divorce. we have a daughter together, marital home and i think are considered a partnership.

I would like to be clear on if I am entitled to her pension at retirement age or if a true CETV can be made on her pension fro a Clean Break with it.

Any help??

pension sharing is usually done at the time of the divorce so your entitlement would be based on the current transfer value of the fund, not on what it is, or may be worth on retirement.

most courts look at assets built up in the relationship (not solely during the marriage)

Many thanks for your advice, however in this case i am fairly certain because we are dealing with a NHS pension, a CETV at todays figure is not reflective of the true value of this pension. As best I understand it the CETV undervalues it considerably because the NHS actually pay their pension out based on final salary, she would recieve 2/3rds of said figure. A hefty lump sum is also in the equation. In my opinion through the homework I have done we are dealing with a large asset here, my slight doubt is the split of said assett may not apply due to fact we were married for 1 yr of our 20yr relationship....i would really appreciate any in sight you can give me on this....huge thanks.

If I may suggest, there are two main issues here. The appropriate value of the pension and what portion of the asset should be considered in this case. I can assist with the first part.

The NHS pension will be undervalued by the CEV when compared to an appropriate independent valuation. Typically, the difference is between 10% and 20%, depending on a number of variables.

Peter.

Peter - appreciate your reply, I am not clear how I go about making an educated guesstimate on this... All i know is she gets a lump sum of £100K aprox and 2/3 final salary.....I cannot be clear on how a court evaluates this.?? Can you assist?

Stevie

In divorce cases, the pensions are dealt with by reference to the scheme valuation called a Cash Equivalent Transfer Value (or Cash Equivalent Value, different names for same valuation), or an alternative appropriate valuation.

Provided she has not retired and is not within a year of retiring then the scheme will provide one C.E.T.V. each year free of charge. The NHS pension scheme operates a Pension On Divorce process that for reasons largely outside the control of the scheme administrators takes months before the valuation is received.

For an idea of what the pension is likely to be worth you could use the free calculator on our website bradshawdixonmoore.com/index.php/component/content/article/48 (no catches). Appropriate independent valuations vary in price from £30 to around £900, depending on what is needed.

Peter

Thanks Peter - I have reads lots on your website of how a CETV undervalues such pension schemes so require an actuary evaluation for true value. Difficult for me to obtain relevant info for a full report due to un co-operative nature of x wife, I have knowledge of her salary, rough dates of start of employment/pension and a fair to good understanding of how this scheme works.
I have read lots of your forums re NHS pensions and have acertained they are indeed a valuable asset... how would you sugest I go about obtaining something more concrete?

Huge thanks