Separated, how much should I provide?

ampersand

Merry Christmas Jack, in the knowledge that your next one really will be, at long last.
Strength, blessings, survival for a new and better life very soon.

JackRS

Ames wrote: »

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.

I don't fully understand it either, I've pasted again what my solicitor wrote below which basically implies the more up to date values that are higher would be better as it's calculated as a portion based on value at point of separation to current value now. I thought the greater the value now the bigger value she would get as cash equivalent?

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look at equalising pensions ontheir CETV values, there is a big difference in the outcome of the pensionshare if we use outdated figures.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.

mgdavid

JackRS wrote: »

............
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
...........

er, I need a sanity check from someone but I think this is total garbage.
If you want to level (equalise) two figures you transfer half the difference, schoolboy arithmetic.
Working through the numbers above, she ends up with £165274.83 while JRS ends up with £115274.83 so not equal but £50k adrift.

The correct sum is 227259.6 minus 53290, divide the result by two, gives 86984.83.
Add to her 53290 and she has 140274.83
Take away from JRS's 227259.66 and he has 140274.83
Values today are utterly irrelevant, as are the percentages.
For gawd's sake sack this solicitor, or work with them and do their work for them!
But it's 55 years since I did 11+ arithmetic so would like a confirmation please!

Dinah93

When she's hit the calculator the solicitor has input wife's pension value as 3,290 not 53,290. Yes I get the value needed to equalise as 86984.83 also (apologies my pound symbol isn't working).

mgdavid

Dinah93 wrote: »

When she's hit the calculator the solicitor has input wife's pension value as 3,290 not 53,290. Yes I get the value needed to equalise as 86984.83 also (apologies my pound symbol isn't working).

thanks; yes that would explain it.

kelpie35

Just popping in to wish you a Happy New Year.

I hope and pray that this is your year and you will be set free from all this heartache.

Take care

duchy

Dinah93 wrote: »

When she's hit the calculator the solicitor has input wife's pension value as 3,290 not 53,290. Yes I get the value needed to equalise as 86984.83 also (apologies my pound symbol isn't working).

And her hourly rate for this level of competence is.....?

ampersand

New and shiny 2015, all for you Jack,
#
Fen weather today: grey, gusty, swirly, clouds scudding, skies low - and precipitation, of course:-)

Figuratively, you've had little else throughout 2014, so let's look for better things ahead.

2015 starts with KNOWING fmh is sold. You would have taken that a year ago.
[p.28. #1115: actuary was even then prepping pensions report...]

Son is learning about being a man, struggling, but you are there rock-steady and still doing all the right things.

Daughter is in Uni, in contact, has a perceptive heart and kindness, certainly absorbed from your continuing example.

I hope your own time this week has encouraged and reassured you.
#
All best wishes for a cracking year of real promise and achievement -
http://www.shutterstock.com/pic-228944191/stock-photo-silhouette-person-jumping-over-on-the-hill-at-sunset.html?src=84Sb-bOH-dpGD6ZPpB41UA-1-1

Next stop - Thread closed because all issues are resolved:-):
-Jack is happy in his home of choice
-SRA has upheld complaints
-children are joining Jack for part of Christmas and NY2016
-scars are healing
-choices opening up at work and in Life.

It will happen Jack: meantime, make do with us:-)))))))))
Thinking strongly of and for you.

JackRS

Thanks for all your kind wishes and support hopefully thiswill be resolved this year.

Sorry for the confusing pension figures that I pasted frommy solicitor, the error is in the value for my pension in May 2013, it’s £277Kand not £227K that’s where the £50K was lost. I sent my solicitor 2 emails after the phone call on Christmas eve, I’llpaste them below, I’ve not been able to contact her and discovered not back atwork until tomorrow. I am frustratedwith the value for money I am getting out of the service but don’t know what Ican do at this stage of proceedings, I will point out my frustrations with herwhen I speak to her tomorrow, if she’ll speak to me:



Dear……

I am sorry I was so angry and rude to you on the phoneearlier. It was just devastating to me as I hadn’t received anycorrespondence from you for weeks, when I got in last night I had your latestbill. To me it feels like so little progress is being made yet my monthlybill from Brethertons keeps coming and I don’t see any added value. I’vebeen concerned about the timeline leading up to the FDR on 12th January andhave asked is everything in place. It was back in August that we had thecourt date set, I just don’t understand how that target date could bemissed. I realise there was a delay before the request went to theactuaries.

In your email you refer to CETV pension as at 22.05.13 being£227,259.66, it was actually £277,259.66 see attached.

I’ve attached an excel of payslips so you can see my pensionpayments are typically £282, my March 14 payslip is in that document and pastedbelow.


Dear……

I’veobviously been thinking about this and for the actuaries report fee I suspect it’saround a days work once they have the information required. I contacted anotherfirm and was told it was typically 2 to 4 weeks due to work load the actualwork for an individual case is around a day but obviously depends on thecomplexity and how many pensions. I understand that I am not permitted totalk with the actuary but can you please negotiate with them to achieve theoriginal target date as it sounds to me that it’s due to their work load thatthey need a further 4 weeks. Surely Brethertons as a well known company havethe power to negotiate better timing. From Monday 29thDecember they have 9 working days, surely it must be possible? For themit’s too easy to say ‘can’t do it, need another 4 weeks’ as they have noconsequences, so I would say to them please achieve 7th January orwe will go to another firm, because if we can’t achieve that date we may aswell start again with another firm. For the fee I’m paying the actuaryI’d expect a more committed service?

Idon’t want to lose the FDR slot at the court because the next one will bemonths not weeks away.

JackRS

This morning I thought I'd better open the bill that arrived Christmas eve as it's due to be paid 5th Jan.....

For work 17/10 to 9/12: £789.60

Total so far to £6321 to this solicitor....

I can't pay that, trying to call her today to follow up actuary issue, it's her first day back since Christmas eve.