pension sharing

Hi Phil
thank for reply on previous posting deleted out of courtesy,
i have a public serv pension and have paid into for under 8 years, two paid up pots (1 personel 1 occ) with just over a grand in both been married for 18, ex`s pension so to speak is she has only contracted out of SERPs which she did over 20 yrs ago,
1) wouls sols ask for cash instead of transfering as not alot of CETV (waiting for it)
2)does hers come into the pot
thanks for any info
Paul

Hi,

Thanks for that.

The answer to question 1 is they may do. What tends to happen is everything goes into the pot after a long marriage so they are available to be shared. It may not be practical to share the two smaller pensions and so offsetting might be the preferred option.

I guess the question becomes is there other assets in the marriage that could be offset against them? and do you want to do this?

I would argue that her pension should be in the pot. You are deemed to be contracted out via your public service pension so these pensions include Second State Pension. You will need to decide whether to include / exclude state pensions including the basic state pension. Most exclude basic state pensions for ease but each case should be viewed on its own merits.

I hope that helps.

Regards

Phil

Hi Phil
Thanks for reply,
another question would it be practical for me to set up a pension for her (which i pay or we jointly put in) instead of splitting and trying to agree on them or is this a complete no no sceniaro. Iam 50 and stbx is 41. We dont have a great deal of equity and if we start fighting over it we wont have any left. i have offered her a few grand less than 60-40 (wiki calc) split of equity as i have child from marriage living with me and still in mh.
i pay all bills and debts for our joint liabilites but do not get any kind of maintenance fron stbx and have been doing so since split 1year ago and are looking to take over mh solely and public pension would be needed as to speak to pay it in the near future.
you can pm virtualy anytime (i work nights)as i am always on if you would like more info or think i should see ifa
thanks in advance for your reply Phil
regards
Paul

Hi,

I would suggest that this is a no no scenario. It would not achieve a Clean Break and there would be issues around how this was monitored. The pension would have to be in your stbx's name only.

I note your other comments and these would have to be factored into the settlement and negotiated.

Best wishes

Phil

thanks Phil for prompt reply,