Separated, how much should I provide?

kelpie35

Thank you for the update Jack.

Pleased to hear you will not be alone on Christmas day.

Enjoy your break as well as you can.

I will be thinking of you and remember you are heading for the home straight now.

Take care.

Gigervamp

Thanks for the update Jack.

I wish you a happy and peaceful Christmas and New Year.

JackRS

Today’s the first day off, I’m due back to work 5thJanuary. When I got in last night therewas a bill waiting for me from my solicitor, which was the only correspondence I’vehad, I couldn’t bring myself to open it as no doubt when I see what I’mexpected to pay for so little progress it will frustrate me even more.

I tried calling my solicitor yesterday but she wasn’tavailable, so left a message. She calledme back this morning, telling me she had emailed me last night. She’ssuggesting an adjournment of the FDR because the actuaries report on thepensions won’t be ready, they’ve request a 4 week delay. I’m so angry and told her that we won’t get a4 week delay it’ll be months for another date is available at court. I said a few things about how frustrating itwas and that it seems that these continued delays seem to be benefiting both solicitors to continue generating fees,in the end I said I had to go as I was so angry. Her email is below:

Thankyou for your emails. I do apologise for the delay in getting back to youbut I wanted to ascertain the position on the pensions actuary’s report. Actuaries for Lawyers have now come back to say that they are unable to let ushave the report before the FDR listed on 12th January. I donot think that this hearing can be effective without this report. If thehearing does go ahead and cannot be effective, we will waste the costs of thathearing.

Iwould imagine that to proceed on January 12th will incur thefollowing costs:

1. My costs of preparing your case at 2 - 4 hours at £175 plus VATie £420 – £840 inclusive of VAT.

2. Mr Andrew Day’s fees of around £600 plus VAT, a total of£720.



Thesecosts are much better spent at a hearing where all issues are dealt with.

Thepensions actuary does however only wish to have an adjournment of 4weeks. It is my advice to you that we apply to the court for thisadjournment although I appreciate it is frustrating to not be able to moveforwards at this point in time.

PensionsCETV

Thankyou for providing me with your further updated CETV. It is important to have as up to datefigures as possible. If, for example, we look at equalising pensions ontheir CETV values, there is a big difference in the outcome of the pensionshare if we use outdated figures.

If weuse the CETV for your pension as at 22.05.13 being £227,259.66 and comparethese with her pension assets of £53,290 as at July 2013, the amount needed toequalise those pensions would be a transfer from your pension to hers of£111,984.83.

£111,984.83

£227,259.66 = 49% of your pension

Yourpension has however increased to £345,455.93. If we apply the 49% pensionshare, she will receive £169,273.41 but she should only receive £111,984.83.She would therefore benefit from an extra £57,288.58!

Whatthe pensions actuary will have to do is exclude the growth you have benefittedfrom since separation. The calculation will therefore be:

£111,984.83

£345,455.93= 32.42% of your pension to be shared

I dothink that is well worth obtaining further CETV figures to avoid paying toomuch from your pension.

kelpie35

Oh Jack I am so sorry for you. his news has come at the worst time.

I can understand how frustrated and angry you must be feeling.

I do not know how best to advise you on this matter, but I am sure there will be someone along shortly who might give you good advise.

Please take care of yourself and try to enjoy your break from work as best you can.

ampersand

Thankyou kelpie - there is nothing to add to your post.
#
Jack, do you want to remove that male professional's name, pleased though I am to see it[costs point 2.], ex-autumn posts passim, or are you past caring now?

No-one would blame you. Let's try and focus on this: '"He has a good, clear and concise manner with clients and a very tenacious manner in court. We like him for technical cases - he is good at pulling out the detail from case law."'

vandanfc

JackRS wrote: »

Today’s the first day off,
She’ssuggesting an adjournment of the FDR

Grrrrrr. I really do not know how you keep going Jack. I know that solicitor's have a living to make, but this is taking the "michael".

It has annoyed me so much that I have put fingers to keyboard to comment, otherwise I just lurk and despair on your behalf.

Please do try to forget this for the next couple of days and share some time with friends who obviously care for you.

JackRS

I've tried to call the actuary but got a recorded message that he's off until 29th which is understandable. I feel that surely it's basically a calculation that takes a matter of hours not weeks but I'm guessing they have a back log of work. I am asking my solicitor to negotiate an urgent report, the report will cost me £1500+VAT, so don't imagine it's more than 8 hours work?

Does anyone know what is involved and how much time is needed to create a pensions report?

JackRS

I've phoned another actuary firm and spoke to an actuary who said would need 2 to 4 weeks but the actual time for the job is around a days work but the delay is due to workload in other cases so I suspect this is the case with mine. I think it is appropriate for my solicitor to negotiate with Actuary as I'm not permitted to talk to them. I will be pushing this as it's about time I got some added value. It's in my solicitors interest to have the delay as another month is another month of fees. It's really about priorities for the actuaries firm. Can't get hold of solicitor now so expect that will be Monday before I can talk to her.

ampersand

Jack - phone several others if you can catch them today, for an average view of time required. If they all accord, you are in a stronger position to insist and add to your complaint dossier later.

Ames

I might have missed it, but why do you need current figures? Surely everything should be based on numbers at the time you split?

I'm not surprised you're angry, I'd be spitting feathers too.