Separated spouse transferring pension plans

Living_proof

I have had a very long separation where no financial agreement has been reached with regard to the matrimonial assets (Scotland).

My husband is wanting half the current value of the house, even though I have paid all mortgage and other costs for 13 years, but he wants me to accept half the valuation of the pension plan which was of course valued 13 years ago. Could he have moved his plan into another within the last few years - he has been working for an insurance company who offer enhanced benefits for staff?

Loughton_Monkey

His pension will almost certainly be 'Final Salary' and not a money purchase scheme.

Hence you are entitled to half its value. I'm no expert but I understand that there are well tried and tested ways they will note your interest and ensure you get the right pension. But how that is done legally I don't know. I think you have to be divorced.

JOHNGT

The court will determine the value/split of assets and your lawyer will get an updated value from his scheme.

There are a number of ways to split a pension:

You could get a share of his pension when he reaches retirement (called earmarking). Not particularly great as you have to stay in touch.
You could split the pension. So, let's say his pension is valued today at £80K, the court could say you are entitled to £40K each. His pension scheme would then cancel half his pension and give you a transfer value to take to a pension of your choice.
You could offset the value. For example assume your share of his pension is £40K - you could take none of his pension and get a bigger share of the house/other joint assets in return.

Anyway first place to start is a visit to your lawyer.

kidmugsy

A word of caution: it's unusual for anyone in England to understand how different the Scottish system can be, so beware accepting well-intentioned comments based only on familiarity with the English system. (And beware too of well-intentioned comments from Scots long resident in England who may have lost touch with changes at home.)

Living_proof

Thank you for your responses. He will reach retirement age in May and seems to be retiring then and I want to know whether it is possible for him to have moved his pensions around and also can he buy an annuity before the rest of the marital assets are sorted out?