Disappointed

I have received at long last the Pension Report for a final salary pension from an actuary this has taken months and months. To say I’m disappointed is an understatement………….I’ve paid £1,000 out of my savings (STBX will not pay for it) for this report and it gives me nothing that is useful enough to use. I was hoping it would give me a total figure of when my STBX retires.
His CETV is at the moment £350,000.00 and I have proof that at 65 he will receive £50, 000.00 per annum.
Now before I had this bit of evidence I’d already instructed the actuary and thought it would be good to get a quote. They have given me a lengthy report but have quoted £30,000.00 per annum.
How and why can these two figures be totally different where has the £20,000.00 gone? Also it only gives me half of the pension I was hoping for more as I didn't work for 10 years looking after the children.
I am so upset, should I now go to a pension adviser if so how much does one of these cost where can I find one?

ccb,

How old is your stbx at present? It may be that he would get 50k per annum if he carries on with the scheme but that he is still many years from retirement ... There is also the question of a lump sum .. is that mentioned?

Have you had sight of the pension benefits update from the scheme?

What did you ask the actuary to look at? Have they given you a range of different values for the pension? The biggest figure would be the gross one ... the most realistic one is the net (taxed) value.

Although TBH the CETV is neither here nor there if you are looking for a pension share .. what matters is whether you can share within the scheme or not .... that can make a very big difference as it costs a lot more to buy the same benefits from a private pension.

Also a pension share is by no means a definite ... what share, if any, you get will be affected by a whole range of other factors including how much pension you have, the value of the house, length of marriage etc etc.

Are you being advised by a solicitor?

Hadenoughnow

hadenoughnow wrote:

ccb,

How old is your stbx at present? It may be that he would get 50k per annum if he carries on with the scheme but that he is still many years from retirement ... There is also the question of a lump sum .. is that mentioned?

He is 45 and I'm 43 and no lump sum is mentioned.

What did you ask the actuary to look at? Have they given you a range of different values for the pension? The biggest figure would be the gross one ... the most realistic one is the net (taxed) value.

It was through the solicitor so I'm not sure what he asked for?

Although TBH the CETV is neither here nor there if you are looking for a pension share .. what matters is whether you can share within the scheme or not .... that can make a very big difference as it costs a lot more to buy the same benefits from a private pension.

Yes, I can share but at a price!

Also a pension share is by no means a definite ... what share, if any, you get will be affected by a whole range of other factors including how much pension you have, the value of the house, length of marriage etc etc.

I'm part time and have a tiny pension, length of marriage 20 years, house value £350K

Are you being advised by a solicitor?
Yes, but he said to go to a pension expert and financial expert......More money and time.
I'm desperate any help would be greatful, thanks

Hadenoughnow

For sharing on divorce the process treats the pension as though it ends at the date of divorce.
For sharing/splitting a final salary pension on divorce, the pension available for sharing is based on the salary at the date of the divorce.
For most final salary pensions the pension is one 60th or one 80th [depends on the rules of the pension scheme] of the salary at the date of divorce for each year of service.
eg for 15 years of service in a 1/60th pension the pension will be 15/60ths = 1/4 of the salary at the date of divorce.


Is the pension a public service or armed forces' pension or does he work for a private company?

First thing I'd want to know is what questions your solicitor put to the actuary.
If they're not listed as part of the report ask your solicitor for them?
What are the headings on the actuary's report?

Does the report say anything about the "real" value of the pension as compared with the scheme's own valuation,the CETV?

Thank you I thought it was at 65 when STBX retires, so thanks for clearing that up, so it goes on what date the divorce comes through?

He works for a private company but has always paid a lot into the pension out of his wage.

It states;- we have been asked to advise on the percentage pension share that would be required to achieve equality of pension income for Mr and Mrs ????? and that is it.

The title says:- Report for Mr and Mrs ????? in respect of pension rights and pension sharing options.
And no where does it mention about the 'real value' of the pension compared with the schemes own valuation CETV.

I'm so confused.....I knew about the CETV and the amount that would be on retirement the report really gives me nothing to go on for a settlement. I've spent my hard earned money on a report that I don't think I should have paid for. If I could turn back the clock I would and have just gone on the CETV.
Thank you again hadenoughnow any help would be great as I'm about to crack it's been a long uphill struggle nothing has been easy

ccb1 wrote:

Also it only gives me half of the pension I was hoping for more as I didn't work for 10 years looking after the children.

The pension company have looked at what percentage split would be required to put you both on the same footing on a 50/50 split rather than a best guess which is what the courts would do.

What i don't understand is why you should be entitled to a greater than 50/50 split of his pension particularly if it's his only pension and there are other assets as well which you'd expect predominant share of?

T

nbm wrote "The pension company have looked at what percentage split would be required to put you both on the same footing on a 50/50 split"
By same footing do you mean equal income nbm?

Does the pension report mention equalising income or say what your pension income will be if you get 50% of the CETV and what age you can take your pension ccb1?
What's your solicitor doing about interpreting the report for you?