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Urgent -PENSION figures - which fig is correct please?

9 replies

54isanopendoor · 20/08/2023 16:23

ExH & I are getting Divorced (he left 2 years ago)
He stopped work a year ago & has just got a medical retirement (Tier 2)
We have verbally agreed to split his pension 50:50 although my lawyer says I could get 60%+ as I have been an at home Carer for our two autistic kids for last 18 years. He has no input into the kids, no EOW/visits, pays no maintenance.

He has now got pension figures: there are a lot of different ones on the page so I'm struggling to understand what we are splitting 50:50 (fortunately his pension for this employer almost matches the dates marriage - separation)

The Transfer value is: £233K (this is also listed as Total Transfer Value)

The final salary transfer value is: 146K The CARE benefits transfer value is: 86.6K
together this adds up to the £233K figure.

Which one is it that we are splitting, please?

OP posts:
pd339 · 20/08/2023 16:33

£233k is the total value of his pension, and so the implication is that that is the figure you are splitting.

AfraidToRun · 20/08/2023 17:30

233k is the estimate of what you will be splitting. The final amount won't be known until the Order has been stamped and you have the decree absolute.

54isanopendoor · 20/08/2023 18:17

@pd339 the paperwork says that it cannot be used for divorce purposes.
To get a figure for that he needs to pay them £120 (currently refusing...)
We are Divorcing in Scotland so the Separation Agreement comes first & is legally binding. In our case, as youngest child now over 16 & he's been gone 2 years, the Divorce is a formality & can follow immediately after.

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AfraidToRun · 20/08/2023 18:45

£120 is very cheap. I've seen £1,000 plus. The reason the transfer value he has can't be used for divorce purposes is because it will include benefits that won't be shared I.e assets pre marriage and post separation. I expect the courts will take a dim view of his dithering.

You could ask that he request that the fees are taking from his benefits that remain in the scheme if he is genuinely short on funds. I'm not sure what the Scottish rules are but in England if the Order is not implemented within 2 years (usually as fees aren't paid) you can go back to the courts.

54isanopendoor · 20/08/2023 20:22

@AfraidToRun He paid for a valuation about a year ago. Then we didn't make progress with the Separation Agreement. His pension has increased since (he says its gone up quite a bit as he now has a medical retirement Tier 2). so he's loathe to pay again. TBH, I'll pay the £120, just to get on with it. Under Scottish Law you can have whatever you like in a Separation Agreement as long as you've both had the chance to take legal advice & your youngest child is not under 16.
I'm keen to crack on. We are going to agree to divide it 50:50 afaik.

OP posts:
HappyHolidai · 20/08/2023 20:25

Looks like the £233k is formed of 2 chunks, one of which is final salary and the other is career average.

You should be splitting the total. You'll need advice as to whether it makes any difference whether you get all of one chunk or 50% of each chunk.

54isanopendoor · 20/08/2023 20:28

@HappyHolidai oh, really? I'm on Legal Aid but I only get a very junior person who 'cant offer advice but will rubber stamp the forms'. My plan was to leave the pension with the same providor (its a local authority run company) but I'd no idea that it might make a difference which 'bit' I got? Maybe I should call a pensions advisor & see if I can get a free 20mins?

OP posts:
SpamFrittersYouSay · 20/08/2023 20:34

Do you have a pension?

54isanopendoor · 20/08/2023 22:36

@SpamFrittersYouSay I don't, no. I've spent the last 18 years raising our two kids with Autism (I'm their Carer). Before that I was self employed & didn't have a pension.

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