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Relationships

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Original poster

When you divorced what did you do about pension sharing?

16 replies

dietcokefriend · 25/05/2013 19:12

Divorce going through and would love some MN advice as solicitor is expensive. Did you take more of the share in the house? Have the money transferred to your pension? Or ask for 50% of the lump sum and 50% of the pension when XH retired?

Do they calculate the pension amount as it is now or do they take into consideration an estimate of how much it will be worth in retirement if you want to have more of the share of the house? What do they look at in terms of your income?

XH has moved in with OW and has a roof over his head and someone who contributes to the bills so he has no problems.

OP posts:

SirSugar · 25/05/2013 20:06

Do you have DCs? Do you have a pension?

Original poster

dietcokefriend · 25/05/2013 20:14

I have one son and a very small pension compared to his.

OP posts:

MirandaWest · 25/05/2013 20:14

XH and I both rent so no issues with house.

I have built up (small) pension with former employer - XH has several small ones including current final salary one. As his salary is now his biggest this one is quite good I suppose. We have got valuations for them and are basically going to transfer some of his current one to mine so we both have the same amount now which isn't much but is something. That one has a fairly small transfer cost which is also good.

We're going to be doing the divorce part ourselves but will obviously need a solicitor for the consent order part. Am hoping what were planning is ok - no point in getting actuary valuations as the amounts involved aren't high enough. We're both in our 30s so both have long enough to get more pension anyway.

akaWisey · 25/05/2013 20:20

I have pm'd you OP.

Original poster

dietcokefriend · 25/05/2013 21:02

Aka thanks for your PM I have replied x

OP posts:

WhiteBirdBlueSky · 25/05/2013 21:39

You need to get a solicitor. A pound of pension isn't worth a pound of capital so you need an actuary to sort out pension sharing/offsetting etc.

Original poster

dietcokefriend · 25/05/2013 22:07

I have a solicitor but worried that every question costs money. Would you have a rough idea how much £1 of pension is worth in capital?

OP posts:

MirandaWest · 25/05/2013 22:10

I think it does depend on what the monetary sums are whether an actuary is involved in the valuation. When I had a free 30 min with a solicitor she said that there would be very little point in getting actuary valuations as it would swallow up much of the value of the pensions anyway.

But if there is capital involved and also larger pension amounts it would definitely make sense.

IWouldIfICouldButICant · 25/05/2013 23:39

We kept our own pensions. His was worth more than mine but we agreed that I would get the house (lots of equity), plus the ISAs in my name, and he would take the other assets. I think it worked out pretty fairly in the end, but only because there was so much equity in the house.

Original poster

dietcokefriend · 26/05/2013 01:02

Iwould thanks I have sent you a PM

OP posts:

WhiteBirdBlueSky · 26/05/2013 01:26

You can't say what a pound if pension is worth compared to capital, because it depends on things like how long it is till you retire etc.

Fio2020 · 17/06/2018 08:44

I separated from my husband several years ago and he bought me out of the house. I have been to a lawyer and I am trying to sort out the pension. My husband has offered me the cash equivalent of what a pension share would be. Should I take it? What are the benefits or downfalls? Any advice would be appreciated.

Theoscargoesto · 17/06/2018 11:15

To all on here, be aware that there are at least 2 ways to value a pension. One is to take the cash equivalent transfer value (which the fund can tell you-usually for a fee) and divide that as you wish.

The other way is to look at what the pension is worth at retirement. In my case, H had a pension that paid out lots more on retirement than my own, so we calculated assets on that basis, and it increased the amount I received in the financial settlement significantly.

Yes, lawyers and actuaries are expensive, but good advice (and it may just be asking one question: are cash equivalent or benefit on retirement figures likely to be different and by how much) is worth having. Certainly in my case the amount I received was greater than the cost of the advice.

Note however that my h and I were both over 50 so nearer pensionable age than previous posters.

SoapOnARoap · 17/06/2018 11:19

If you get offered the house & not the pension, there’s normally a reason why.

Final salary schemes, for someone in their mid 50’s are typically worth upwards of 7 figures

trojanpony · 17/06/2018 11:34

No, probably not. a pound in pension is worth more than a pound in cash now particularly if you have no pension of your own. I’d look at moneysavingexpert.com and talk to a solicitor.

Also you should start your own thread.

For everyone else

ZOMBIE THREAD ALERT
ZOMBIE THREAD ALERT
ZOMBIE THREAD ALERT

Fio2020 · 28/02/2020 12:02

This would depend if you could add your name to his pension. Would your pension accept a large payment into it. And of course your age.

I could not do either of the first 2 due to my age and restrictions on both pensions.

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