Pension sharing - equalising income

Hi
I have a final salary military pension which is not yet in payment. I am 41 and my stbx wife is 48. I am struggling to understand what ‘equalising income on retirement’ actually means. My wife can draw her share of my pension at 55 if she opts for a sharing order – that’s in seven years time. I will not retire for 14 years time (55). Does the equalisation aim for a date (ie when she is 55 in 2017) or when we independently reach 55.
I understand that my final salary pension does not discriminate between men and women in terms of payment levels so I am not sure how she may have more of my pension share than 50:50 (long marriage) if she can draw the pension earlier than me?
Any ideas?

Dorsetman

Bump?

Equalisation of income is an equal actuarial value allowing for age, gender and differences in pension income. In your case your wife is older and would normally be expected to retire first and because women live longer she will require a larger fund to pay the same income in retirement.

Thanks Fiona

I understand that Women live longer as a general rule but not sure why she needs more of my pension share for a final Salary Military pension. For example, if we were both 55 and we retired on the same day and split 50:50 then our respective incomes before tax would be about £500 - that remains linked to CPI until we die. The amount is independant of longevity. Arguably she will get more if she lasts longer!!. I understand it is different if its a 'fund' that has to buy annuities but its not. So, if she retires first then whay should she need more?
Perhaps its my limted understanding of Uniformed Military pensions. Thanks again.

Dorsetman

How long have you been married? Are there kids to consider?
In my opinion it is not worth considering equalising income because it means paying an actuary and even if the result is that there should be a 60/40 split, what man is going to agree to that? I know my ex wouldn't. So I would have to spend a fortune taking it through the courts and still risk getting less. There are also other considerations such as the age that you have to retire from the Forces. You will have to retire at 55 whereas she can presumably continue working. Yes, you could get another job but at that age it is a gamble whither you would get another high paid job. Also, i'm not sure why men should be penalised because women live longer. And that's me talking as a woman!

This is just my take on it. I've no idea how a court would look at it!