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When you divorced what did you do about pension sharing?

(12 Posts)
dietcokefriend Sat 25-May-13 19:12:09

Divorce going through and would love some MN advice as solicitor is expensive. Did you take more of the share in the house? Have the money transferred to your pension? Or ask for 50% of the lump sum and 50% of the pension when XH retired?

Do they calculate the pension amount as it is now or do they take into consideration an estimate of how much it will be worth in retirement if you want to have more of the share of the house? What do they look at in terms of your income?

XH has moved in with OW and has a roof over his head and someone who contributes to the bills so he has no problems.

SirSugar Sat 25-May-13 20:06:46

Do you have DCs? Do you have a pension?

dietcokefriend Sat 25-May-13 20:14:01

I have one son and a very small pension compared to his.

MirandaWest Sat 25-May-13 20:14:36

XH and I both rent so no issues with house.

I have built up (small) pension with former employer - XH has several small ones including current final salary one. As his salary is now his biggest this one is quite good I suppose. We have got valuations for them and are basically going to transfer some of his current one to mine so we both have the same amount now which isn't much but is something. That one has a fairly small transfer cost which is also good.

We're going to be doing the divorce part ourselves but will obviously need a solicitor for the consent order part. Am hoping what were planning is ok - no point in getting actuary valuations as the amounts involved aren't high enough. We're both in our 30s so both have long enough to get more pension anyway.

akaWisey Sat 25-May-13 20:20:21

I have pm'd you OP.

dietcokefriend Sat 25-May-13 21:02:23

Aka thanks for your PM I have replied x

WhiteBirdBlueSky Sat 25-May-13 21:39:25

You need to get a solicitor. A pound of pension isn't worth a pound of capital so you need an actuary to sort out pension sharing/offsetting etc.

dietcokefriend Sat 25-May-13 22:07:52

I have a solicitor but worried that every question costs money. Would you have a rough idea how much £1 of pension is worth in capital?

MirandaWest Sat 25-May-13 22:10:48

I think it does depend on what the monetary sums are whether an actuary is involved in the valuation. When I had a free 30 min with a solicitor she said that there would be very little point in getting actuary valuations as it would swallow up much of the value of the pensions anyway.

But if there is capital involved and also larger pension amounts it would definitely make sense.

IWouldIfICouldButICant Sat 25-May-13 23:39:41

We kept our own pensions. His was worth more than mine but we agreed that I would get the house (lots of equity), plus the ISAs in my name, and he would take the other assets. I think it worked out pretty fairly in the end, but only because there was so much equity in the house.

dietcokefriend Sun 26-May-13 01:02:09

Iwould thanks I have sent you a PM

WhiteBirdBlueSky Sun 26-May-13 01:26:31

You can't say what a pound if pension is worth compared to capital, because it depends on things like how long it is till you retire etc.

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