Getting pention from divorce can I take it as it's cash equivelant instead?

Money_mad_4

The bottom line is that you are entitled to half of the pension until the date of your decree Nisi. If the court decides that you can have half of its value, they can place a pension sharing order on his pension, what happens then is a half of its current value is put to one side for you and his then conitues to grow. You can then cash yours in when you are pensionable aged 55.

If you have other assets you can use the value of the pension as a bargaining chip, give it up but say for example get the car or the house.

Money_mad_4

I see that you already had half of the equity on the house. In that case you dont really have much leverage. If you want the cash, why not make him an offer. So if the pension is worth 3.5k why dont you let him giv you 1k and be done with it. As there does not seem to be many assets now up for grabs why dont you end your dealings with your solicitors and save yourselves some money. You can apply for the Decree Absolute yourself at the court in six weeks and one day from Nisi. It costs next to nothing. As there are really no assets involved and no ancillary relief you could draw up a simple contract between each other to divvy up the assets and just have it witnessed by two professionals, if you want to be absolute just take each other to s solicitor and sign an Affidavit for a tenner in the presence of the solicitor. If you do end your dealings with your solicitor you must inform the court and the solicitor in writing.

jh2009

Personally, if i was getting divorced, and i could afford it, id be happy to give an ex £1000 or £2000 in cash in exchange for them not getting £3500 of my pension contributions.

You should long term if you consider this, and try and imagine how you will feel in your 50s/60s when retirement income becomes increasingly important. As you have said, this policy was with the aim of a joint benefit, so effectively by taking cash instead you will be letting your partner buy you out of your share of the future benefits.

marklv

jetta_wales wrote: »

I'm coming to the final stages of my divorce now, it's all gone smoothly and without any problems from me ex at all which is good.

The only issue I have now is that although I'm entitled to about £3,500 of his pension which is half what we put into it while together (we worked it all out as a percentage of the total that went in to the percentage of the current total). But to be honest it's of no use to me as I don't want a private pension it's just not part of our plans for the future we have other ideas intentions instead. I would actualy much rather £2,000 cash than £3.500 pension but I know he has no means to do that he just doesn't have the money and doesn't want more debt either which I can completely understand.

But after talking to standard life who currently have his pension they've said there is absolutaly no way by which I can take this money out of the pension at it's cash equivelant value and put it into anything else other than another pension. Is this correct or is there any way I can have this money as cash instead as we could really do with it to buy a kitchen that isn't falling apart, the house we've just bought (we bought at auction as it was the best we could afford in a nice area) , we've got a lot of work to do on it.

If I was your ex I would hand you the £2,000 gladly and a good luck card to go with it. Being only 25 you have plenty of time to grow your own pension, and besides your new partner (who I assume is closer to your age) will also be saving up for one, I presume.