Retired police officer pension sharing

I am separated from my wife and she wants a divorce and a share of my pension - i am a retired police officer and receiving my pension now. Does my CETV have to be valuated by an actuary or does this not come into the equation as I am already receiving my pension in payment?

What sort of actuary advice do I need to obtain to ascertain what sort of percentage split would be fair to my wife so she gets an equal share or would 50/50 split mean we each get the same amount. My wife does not have a pension of her own.

Hello

The CETV of uniformed pensions tend to be undervalued so it is usual for an actuary to value the pension.

For the purpose of divorce it would be wise to instruct a solicitor to deal with the valuation so that the correct imformation is requested from the actuary.

If you both agrea the division of assets and aviod court you may not need a report, if however an application for ancillary relief is made a judge would probably order a report.

There are many other factors to consider length of marriage children ect, if you would like some ideas post this


Your respective ages;

The number of children you have and their ages;

How many nights the children spend with each parent;

The length of your marriage and any period of pre marriage cohabitation;

Your respective incomes;

Your respective outgoings;

Your assets - both soley held and joint;

Your liabilities.

Without this information the answer to "What am I going to get" cannot be given.

Amanda

mousey,

With a pension in payment, it is a CEB you need and not a CETV. The split will not necessarily be a straight 50:50 of the pension; it will depend on other factors including the fact that women live longer and are therefore more exensive to fund in retirement!

There is some excellent pensions information in the wiki library if you want to have a look.

As dukey says, we need more infor to be able to give a better idea - because there are other options including giving her a larger share of the equity in the house in order for you to retain your pension.


Hadenoughnow

Thanks for that but equity in the house is much lower than my pension value so wehave decided to split house equity 50/50 and the pension also equally but can anyone tell me if 50/50 on the pension split will give us equal share or not or would I have to give her more than that for her to have an equal share given that she will not recieve her share until retirement age at 60 and I am receiving mine now. I think I need the actuary experts here to give me a reply!

BDM Acuarys,

www.wikivorce.com/divorce/Resources/Libr...sions_s34_m1852.html


Ceb www.wikivorce.com/divorce/Pensions/Pensi...an-introduction.html

Hi Mousey,

You have two options if sharing the pension. Share based on its capital value and share based on equality of income.

In theory, the first is the simplest but beware of unintended consequences, I’ll look at these later. Sharing 50:50 on capital value will mean that your pension is immediately halved. Effectively, your current pension pot is split in two, you keep half and half goes off to create an entirely separate pension entitlement for her, in the case of police pensions this is within the same police pension scheme.

Equality of income is where the pension is split to achieve equal pension income at some point. This may result in a very different ratio in terms of what proportion of the pot you keep. Where there are no other objectives, we tend to suggest equalisation at the earliest date that all pensions are payable. In your wife’s case, she would not be able to draw her pension until she is aged 60, so that would be a logical income equalisation point. As far as I know the police pension scheme will not do these calculations for you, so you would need an independent professional report.

Returning to the potential for unintended consequences. The main issue is that a pension sharing order is effectively implemented as soon as it is made by the court. Therefore, if a 50:50 order is made on your pension, your income will be reduced immediately. However, unless your wife is already 60, she will not be able to draw her pension immediately, she will have to wait.

Peter.

Thanks Peter

But can you tell me if sharing 50/50 on the capital value now would mean that my wife would get and equal share of the pension when she reaches 60 or will some of this be lost in the interim years until she reaches 60 and receives her share? She is currently 53.

Also if we were to opt for equality of income when she reaches 60 would this be likely to result in a percentage lesser that 50/50 or more than it?

Also if we opted for equality of income when she reaches 60 would I still be able to receive my whole pension income until then or would a pension splitting order take effect once the court has agreed it or is it effectively held off until she reaches 60.

I hope this makes sense but I am still confused about how it works!