Pension how to work it out

Hi my husband is devorcing me at the moment.
PI know that in march last year (he had been made redundant from his job of 30 years which is the lenghth of time we have been married) that his pension pot was estimated that if he took it then, he would get a cash lump sum of £30,842 how can I estimate what would be in his pension pot, I don't have any pension as I stayed at home most of or married life.
Any help would be helpful.

What type of pension is it?
Final salary - ie a guaranteed income based on his salary and years of service - or is it money purchase= the pension fund is invested and the eventual pension depends on how much it grows ?
Generally the tax free lump sum you can take when you start to draw your pension is 25% of the pension pot - in that case his pension pot currently stands at 4 x £30,842
but it can vary according to pension scheme - sometimes it's 3xannual salary
This sort of information on his pension must be provided by him or ordered by the court if you want to consider sharing it.

The lump sum is 25% of the pension pot ... but it is tax free. Back of a fag packet calculation wd be that his pension pot is some £100k. Be aware though that the CETV may be lower than this depending on the type of pension it is.

Did the calculation also tell you what the pension payments would be - how much annual pension? This is a useful thing to know.

Are there other assets i.e. a property?

Hadenoughnow

Thank you for your help, to answer your questions with the information I have is he was in a final pensionable salary of £29,000 up till 2002 and £26,000 for service after 2002 the pensionable service was 24.years.

He could take a full pension last year of £6,200 pa (he was 50)
or lump sum of £30,800 with a reduced one of £4,600.

Hope this makes sence. I do realise that he will have to decare this but I would like to know.
Our house will soon be on the Market and at a guess the equity in it would be about £275,000. Just one question would I be better off taking a bigger share of the property instead of his pension?

Clemie

A lot will depend on your priorities and how your respective needs can be met from the available pot.

You each have a need for housing and income - now and in retirement. Various factors will affect this.

Look at www.wikivorce.com/divorce/Divorce-Financ...to-calculate-a-fair- financial-settlement.html

This sets out what is considered when the finances are divided on divorce.

Is he working again now?

The rules on taking a pension at 50 have changed so I am not sure he could actually take it now - he may have to wait until 55.

To advise you better we need a bit more information:

Ages
Length of marriage + pre marriage cohab
Children - ages, genders and arrangements for them (nights with each parent)
Incomes (inc Tax credits etc if applicable)
FMH Value and outstanding mortgage + size of FMH
Value of other assets in sole of joint names - savings, shares, endowments
Pensions - CETVS
Liabilities in sole or joint names - loans, debts etc

Hadenoughnow

Thank you once again for your reply.
We are age 50 and51
we have been married 30 years next week
our children are adults
my take home pay is £450 per month
he has just been made redundant with no redundancy( he has only worked there 12 months)
the house has been valued at £320,000
and outstanding mortgage is £50,000
I guess his cetv is about £100,000
I do not have a pension.

Hope this makes sence.

Clemie

You are both going to need to be housed from the available pot and as things stand, neither of you is in a position to get a mortgage.

How much does a suitable one bedroom property cost where you are?

Do you have any way to increase your earnings?

Is he jobhunting? What was he earning?

Hadenoughnow