Paying for a Pension Report

galaxyx · 2021-10-17T12:18:24+00:00

My solicitor has advised me to pay out for a pension report, at the cost of £2000+. STBXH has a largish pension and I have none, but I'm very reluctant to be paying such big amounts of money. I asked solicitor to just take the figures STBXH has provided and go with that. She's happy to do it but says that it might disadvantage me. Can you tell me your pension report stories please? Is this something you've done or not done and how did it work out?

HannahinHampshire · 17/10/2021 14:02

We were instructed to get an actuary’s report by the judge as my ex had substantial pensions and I had a small pension. Ex had 3 final salary (DB) pensions, mine was Defined Contribution. The 3 final salary pensions were worth much, much more than the CETV.

I was awarded a pension share which gave us equality of income in retirement so yes, it was very worthwhile.

Original poster

galaxyx · 18/10/2021 09:36

Thank you Hannah. It looks like it's something to think about. I'm glad things worked out better for you.

Anybody else, please?

OP posts:

comfortablyfrumpy · 18/10/2021 14:07

I think guidance if pensions are over £100k and/or include a final salary/defined benefit then you need a report.

My STBEX pensions are much more than mine. I really couldn't afford a pensions report but have borrowed to be able to have one (we've paid half of £2500 each). It has been worth it as it did underline how much inequality there is currently, and it gives me points on which to negotiate.

TheTrinity · 19/10/2021 12:34

@HannahinHampshire

We were instructed to get an actuary’s report by the judge as my ex had substantial pensions and I had a small pension. Ex had 3 final salary (DB) pensions, mine was Defined Contribution. The 3 final salary pensions were worth much, much more than the CETV.

I was awarded a pension share which gave us equality of income in retirement so yes, it was very worthwhile.

How long did it take for the actuary's report to come through please? Thanks

comfortablyfrumpy · 19/10/2021 12:37

My report took about 6 months. I think they are usually quicker, but don't expect it to be back straight away! It depends how many pensions are involved, what type etc. The actuary should be able to give you a rough idea once they know what's involved. Some of the delay can be due to getting additional info from the pension providers.

TheTrinity · 19/10/2021 12:40

Thanks a lot, that's helpful

HannahinHampshire · 19/10/2021 12:47

I think mine took about 3 months. One of my ex’s pension providers was a bit slow, once the actuary had all the info it was very quick.

TheTrinity · 19/10/2021 13:11

@HannahinHampshire

I think mine took about 3 months. One of my ex’s pension providers was a bit slow, once the actuary had all the info it was very quick.

Thank you, that was more the time frame I was thinking. My STBEX has one pension and it is in payment (hid that from me for months of course) and said he's paid for the CETV directly with his pension provider so should not be waiting on other info required.

comfortablyfrumpy · 19/10/2021 15:17

Be aware that the actuary may need to get additional info from the pension provider even though they have the CETV - that caused delays for us. Mind you I think once they had all of the information they wanted, it book about 3 months from that point!

freeatlast2021 · 21/10/2021 22:35

I am sorry to for jumping in as I do not live in UK and am not very familiar with all this, but what I and my ex did was to simply share our pension (and everything else) so there was no point in finding out how much it was worth.

AutumnColours9 · 23/10/2021 01:09

I was in similar position to you and scraped the.money for it. It was worth every penny and instrumental to getting a very good settlement.

1ranksenior · 29/10/2021 06:02

At what point in a divorce do you instruct an actuary to do a report? My STBX has about £90000 more in his pensions and assets. We agree to a 50:50 split so that should be taken in to account in how much of the money from the sale of the house I get. I need to know this so I know how much money I'd have for a new house.

comfortablyfrumpy · 29/10/2021 09:28

@1ranksenior

At what point in a divorce do you instruct an actuary to do a report? My STBX has about £90000 more in his pensions and assets. We agree to a 50:50 split so that should be taken in to account in how much of the money from the sale of the house I get. I need to know this so I know how much money I'd have for a new house.

How far have you got with the divorce - and have you issued a Form A or are you hoping to agree privately and just apply for a consent order?

It can take ages to get the report, so you need to factor that in.
In my case, the judge at the first hearing set out what the pensions report should do, so we had precise instructions for the pensions expert.

If you've both taken legal advice and are sure that 50:50 is appropriate/fair then if you've got solicitors, might be worth asking them what wording should go on the pensions actuary instruction so that you get the answers you both need in the report. The actuary will only produce what they've been asked to.

The report costs £££ and takes months, so worth getting right"

1ranksenior · 29/10/2021 11:17

comfortablyfrumpy haven't started yet! STBX wants us to split up, for him to move out, for me to sell the house in time for his retirement in 3 years.
I'd be happy to split when the time is right to downsize, but much less happy about selling the house we've lived in for nearly 30 years before I am ready.
He's the one who wants to split so it's up to him to initiate the divorce (that is a word that he hasn't mentioned). I wonder if he thinks he can waltz off with his pension and half the value of the house?
I'm thinking about possible places I could live, without a clear idea of how much money I will have.

comfortablyfrumpy · 30/10/2021 11:39

@1ranksenior be guided by your solicitor. I'm sure he thinks he can waltz off with his pension but he may be in for a shock, especially if you're both close to retirement age - and after 30 years together.

Your solicitor is best place to advise but it would be normal, I think, for pensions to be shared to give you both equality of income in retirement.
You might choose to offset some of that against equity in the house, but you need to know how much the pension(s) are worth before you can do any of that.