Pensions can be very valuable – equivalent or more than the value of the former martial home in some cases. Divorcing parties might hold different types of pensions (not like-for-like, so difficult to compare without an expert). Circumstances might be complex for example an age difference or pensions in payment. One party may have stayed at home to look after children. You Depending on where you live in the UK and the circumstances, it may be possible to include all pensions accrued by both parties?
It is important to get a valuation of pensions. It is worth getting a report from an actuary. This is called a Pensions on Divorce Expert (PODE) report and often well worth the money - so budgeting this in early may be important.
Advice on pensions on divorce and separation.
These offer a free advice session about pensions on divorce and separation www.moneyhelper.org.uk/en/family-and-care/divorce-and-separation/divorce-or-dissolution-how-we-can-help-with-your-pension
Free advice line (busy so keep trying) rightsofwomen.org.uk
Guides on divorce and financial settlement
www.advicenow.org.uk/guides/how-apply-financial-order-without-help-lawyer
Pensions on divorce
www.sharingpensions.co.uk/penaudit3.htm
www.mediateuk.co.uk/the-ultimate-guide-to-pensions-on-divorce/
www.nuffieldfoundation.org/news/new-good-practice-guide-addresses-shortfall-in-understanding-of-how-to-treat-pensions-on-divorce
Valuation of pensions – pensions on divorce expert report
www.collinspensionactuaries.co.uk no relation – useful website
www.collinspensionactuaries.co.uk/pension-data-collection/ templates for information required
In case needed...
There are 2 aspects to divorce - Divorce and Financial Settlement
When settling financially, it is best to make informed decisions based on full and frank disclosure and with access to the best documentary evidence and any important expert reports that can be afforded.
Has Full and frank disclosure been reached?
To know what a fair split of assets is and to reach a financial settlement divorcing parties need to know what the assets of the marriage are, and what each asset is worth.
Check out Form E - what does full and frank disclosure look like?
Look at a Form E. A long document in which each party sets out their assets, income, and financial needs. You can see in it the assets that are taken into consideration upon divorce and financial settlement, for example property (the former marital home), pensions, stocks and shares etc. It also lists the documents needed that show the value of assets for example CETVs (cash equivalent transfer values of pensions - which can be requested from pension providers).
Full and frank financial disclosure is required and usually provided when Form E is exchanged.
If after Form E there is missing information / evidence Questionnaires may be exchanged to retrieve it.
If still missing after that Deficiencies are exchanged.
A solicitor’s letter can be sent to retrieve financial information evidence.
A Court Order can also be applied for to gain financial information / evidence / valuations that is missing / essential.
What is a fair split of assets? What to take into account.
When splitting the assets of a marriage…
www.legislation.gov.uk/ukpga/1973/18/section/25 applies
images.ctfassets.net/o8luwa28k6k2/2cpp2mEMwBJWJLuzTiTruB/b5397e7459154fad8927826a2c99acdd/section-25-expert-guide.pdf
The income, earning capacity, property, and other financial resource which each of the parties to the marriage has or is likely to have in the foreseeable future is taken into account.
First consideration is given to the welfare (while a minor) of any child of the family who has not yet attained the age of eighteen.
The needs of each divorcing party are taken into account and as I understand it 50 / 50 is the starting point – so unequal shares based on circumstances and needs is possible, for example 60 / 40.
www.advicenow.org.uk/tags/separation-divorce-and-dissolution-civil-partnerships
Do get full and frank disclosure before making agreements.
Do look after the old(er) woman you will become, financially.