Anyone divorced and filled out a d81 form? How do I find cash equivalent for my pension?

[wiseoldsnail]

I'm absolutely crap at this stuff.

I have a pension from years ago which I is currently only worth £5k.

I'm just filling out a D81 form for my divorce and it's asking for a pension valuation (cash equivalent)

I have no idea what this means. Can anyone advise please? Need to hand it in to my solicitor in the morning and unsure I'll be able to ask when I go in.

Thanks!

Can you tell us more about the pension you have and that valuation? Is it from an annual statement?

Simplified, there are 2 types of pension.

1. Where you and/or your employer pays money in, and you hope in time that money grows as it’s invested. Your pension cash value is exactly the balance of the account at the time of valuation. (defined Contribution and money purchase are terms you’ll hear)
2. Certain employer schemes where money is paid in, but instead of you having that exact amount of money, you’re “buying” an annual amount of pension. This type (defined benefit) has to have a cash equivalent value calculated

I won’t go into detail on (2) for now. Are you able to explain more about the pension you have? Who the employer was, for example (as NHS would be like 2).

Hope you don’t mind me saying this… but if you don’t understand how to fill this in for your own pension, I wonder if there’s a possibility that you’ll underestimate what pension asset your ex has. The Money section is possibly better than AIBU (though it’s the same posters really!) so I just wanted to say - there’s always someone about to explain it if you need.

You said it in your post, 5k

My ex is worse than me 😂 plus he's self employed and doesn't pay into a pension. He does have one but like mine, he doesn't pay anything into it.

Thank you for your advice. I'm guessing it's the first option. It's from when I worked at Aviva about 14 years ago. I know the pension is there but I haven't put any money into it since I left there.

The amount in it goes up slightly every year but I don't contribute to it myself

That certainly makes it simpler! Has he always been self employed?

Ok....obviously that was my first thought but when I googled it to double check, it didnt seem that simple so just thought I'd ask!

Yes except for a couple of years where he was employed and had a pension. But he's never contributed to it since and won't be worth anything right now - same as mine.

I want a clean break order to protect myself from him in the future as he's abusive but financially now we have nothing to sort in the divorce. Everything is sorted which is good

@wiseoldsnail you need to check with your pension provider, as the cash equivalent transfer value can be different from the current deferred cavalier, depending on the type of pension scheme.

So your pension scheme is “ASPS”? (Aviva Staff Pension Scheme)

Does the bottom left of your statement tell you that you’re a Money Purchase member?

How long did you work there?

I’n struggling to Google what years this applies to - because being a pension provider “Aviva + Pension” brings up all sorts! - but the ASPS scheme does have members with a defined benefit scheme.
The £5K you’re talking about makes it sound very unlikely that includes you. But I’m curious at you saying it goes up a little bit each year… because in 2022 for example I’d have expected it to go down, if anything.

Looks like the ASPS closed the final salary (defined benefit) pension for new starters in 2001 and completely in 2010.
https://amp.theguardian.com/money/2010/apr/20/aviva-shut-final-salary-pension-scheme

Did you leave or join in 2014?

Just to let you know you can book a free pensions and divorce appointment with moneyhelper.org.uk