Can you explain about pensions please

[Pensionsquery]

I have small pensions coming my way. They won’t amount to much, but in my divorce settlement I will be getting half my exh pension as a lump sum.

Can those of you who have been through this process explain to me how I get them, do I have to apply to get my own pensions ? Do I have to get a pension plan, or is there a better way ? I really know nothing about what to expect.

I plan to have a free half an hour with a pensions advisor, but I need a heads up first.

You get a pension sharing order. When that is made you serve it on husband's pension provider and they have 4 months to implement it. By then you'll have seen an IFA and you'll have set yourself up with a pension policy to received the finds transferred to you.

You can also arrange to have them put into one of your other pensions.

You can also arrange to have them put into one of your other pensions.

I'm not too sure about this. I think it might depend on the structure of the pension that is being transferred - eg if the lump sum has already been taken you cannot take another lump sum from the pension after it's been transferred out.

You need the CETV for your pensions. Ring up and ask. Then see how they compare to your husband’s pot and split the difference. You might have more in them than you think. It shouldn’t be just a one-way street.

Ok thanks everyone, I have my Pensions CETV, the financial split is in the Consent Order which has gone to the court, so I’m just waiting for the outcome. I definitely will need help from a pensions advisor.

Yes you need to find a good IFA - I had two small existing pensions but neither were suitable for my pension share.

Pensions are split as follows

Value at seperation x (length marriage / length pension)

Naturally your pension will also be subtracted in the same way as you'll have your pension too.

Pensions are split as follows
Value at seperation x (length marriage / length pension)

That’s news to me. We just evened up the pots. Mine was bigger so I lost out.

You fill in a form court gives to you and send it to the Pension Provider you want to put it in. The court order is sent with form. Mine only took about 7 weeks. Then you get statement in your name. My teacher Pension Scheme would not accept mine so I had to set up a stakeholder. I did mine with Scottish Widows and they are very helpful. I did the internet one.

It depends on lots of factors , I'm going for a set payment each month because it is a far better scheme than I can buy into. It's a gamble of course but I think I'm better off because he's had a significant payrise, 25% of his pension at 65 should be better than a lump sum of 50% now. Mine aren't worth the paper they are written on (he has 2 other small pensions that balance against mine)

The important part is:

Only the marital component is divided by 2.

Not the entire value

@Ss770640 not true in my case. I lost pension pot money I earned before marriage. I’m not sure where your info comes from.

Granted

English law different to Scottish

I'm Scottish

I think Scotland is very different and fairer. I lost a big chunk of equity and pension from before marriage.