Pension actuarial report

[wizzdexter1]

I am 52 and my STBX husband is 66. I have got a final salarypension., my STBX Is talking about getting a actuarial report done for my final salary pension I am still working and intend to carry on working until I am about 67 as I will need to build up a decent pension. Can somebody explain to me why I would need to have this report done and would the report state how much my income would be if I continue working until on I am 67

I had an actuary's report done against my ex.
As far as I can remember it just looked at what the pension ( final salary) was worth at the point the report was made.

Pensions can be significant assets and so need to be considered in a divorce.

The report will place a value on your current pension - so how much would be needed to invest today in order to provide the pension at retirement that you've accrued in the scheme. It won't include any pension you could build up between now and retirement, just what you've built to date.

we did
paid a grand?

and it was worth weight in gold for determining division. of assets because my ex had such an enormous pension

This exactly - it works on the value of the pension fund at the point made and that is used in the split. Anything contributions after that date are yours.

He's been talking about equality of pension income when we are both retired so he seems to think future payments will be taken into account

Given the age disparity the treatment of pensions will probably be complex in your split. This will favour your ex who is at retirement and seen as non productive.

The divorce is a stop point on equality of the pension.
What you put in after it doesn't matter.
And I don't remember any solicitors or judges saying anything about the equality of pensions income.
Once you are divorced it's up to him to add to his pot.

I doubt it, I think he probably just means that he has accrued much less pension to date than you. If so, some of your pension can be paid across to his (that's simplifying matters, but anyway) so that you each receive about the same amount in respect of the amounts built to date. You will of course continue to accrue pension while you're working.

Have you been in final salary schemes your whole career? I'd prepare for a very significant number if I were you.

Can I ask what kind of difference in the CETV & actuary??? My STBXH is being an absolute bully over sharing his massive, MASSIVE public sector pension.
He has told me that the difference in figures would only be 10% and therefore not financially worth the cost or time taken to calculate it.
My solicitor is keen to push for an actuary.

The actuary is the professional who calculates the CETV (cash equivalent transfer value).

I mean the difference in the CETV figure and actuary report figure….

For division of marital assets.

As far as I am aware standard CETV does not give an accurate value for final pension schemes where sums are large and represent a significant marital asset, especially with the public sector which includes other benefits lost on divorce so PODE is recommended.

After a long marriage, especially with children, where one partner has sacrificed income and the ability to build up pension, equity in retirement is definitely a thing when nearing retirement age.

The fact that you will accrue another 15 years of pension does not mean that pension will be shared but it may mean that the pension split at the point of divorce will be greater than 50:50 in your STBX's favour in the interests of fairness.

So the PODE would calculate share of existing pension given your ability to accrue further pension and calculate fair split in the light of this to achieve equity in retirement. This would of course depend on personal circumstances like length of marriage etc.

Either he or the OP is phrasing it poorly but this is very unlikely to be an equalisation scenario. Because he is at pension age and he can neither improve his pension or earn an income. The OP has 15 productive years to earn an income and improve her pension. Her needs from the financial split are a lot less, in terms of pension need and capital need.

This means they have a complex pension negotiation. His side will be arguing she can meet her pension need in the next 15 years.

What is a PODE

Pension on Divorce Expert

https://www.nuffieldfoundation.org/sites/default/files/files/GuideTooTheTreatmenttofPensionssonDivorce-Digital(1).pdf