Separated, how much should I provide?

RAS

Well done to JackRS' DD.

One more thing that can go on the CV of the future as well.

I assume that also means that ex has one less thing she can charge you for?

thorsoak

JackRS wrote: »

I know you'll all be pleased to know that my daughter passed her driving test today, nice to have some good news!

I'm not going to work out what that has cost, just pleased she's got that import life skill under her belt.

Well done to DD ...now you're not going to be pushed into financing a car for her + insurance, are you Jack???

kelpie35

Well done to your DD.

At least that is one less expense you will have.

Hope your ex does not think of something else that you can use your credit card for.

Thumper7

JackRS wrote: »

In the questionnaire I’ve received from her solicitors I’ve 1 question and 2 issues raised relating to the pension. Any views as to what they’re getting at? I understand my solicitor has agreed with hers that an actuaries report is required but not sure what that is and what it will do?

From wife’s questionnaire:

Pension

16. Will the husband agree to an SJE being appointed to prepare an actuaries report to advise upon what percentage the wife should receive of the husband’s pension in order to equalise incomes upon retirement.

From wife’s issues

PSO (Pension Sharing Order)

12.Given the huge disparity in the parties pensions whether a PSO should be made in favour of the wife and if so in what percentage.

13. Whether there should be a pension sharing order in favour of the wife to equalise the parties incomes upon retirement or whether this should be offset.

Hi Jack

Does your wife have her own pension?

What the actuary will do is look at your pension and hers (if she has one) and calculate, taking into account things like age etc what % percentage of your pension (if yours is higher) should be transferred to your wife to ensure that you both have the same amount on retirement (that is if the whole pension was accrued during your marriage). If you had the pension before you were married then only the years of the marriage are taken into account.

Once the % is decided then you can decide whether you want to offset or go ahead with a pension sharing order.

You may decide that you will give her your share of the house in order to retain your full pension.

Please don't take this as gospel and my apologies if I have got anything wrong.

D

PS congratulations to your daughter.

JackRS

Thumper7 wrote: »

Hi Jack

Does your wife have her own pension?

What the actuary will do is look at your pension and hers (if she has one) and calculate, taking into account things like age etc what % percentage of your pension (if yours is higher) should be transferred to your wife to ensure that you both have the same amount on retirement (that is if the whole pension was accrued during your marriage). If you had the pension before you were married then only the years of the marriage are taken into account.

Once the % is decided then you can decide whether you want to offset or go ahead with a pension sharing order.

You may decide that you will give her your share of the house in order to retain your full pension.

Please don't take this as gospel and my apologies if I have got anything wrong.

D

PS congratulations to your daughter.

Both solicitors have agreed to this actuary to make a report to equalise our incomes from the pensions so it seems like we’re heading down the route of her having half the pension? Obviously that’s not what I want. Don’t really understand the value of the actuary report at £1200+VAT. I’m guessing it’s to have an independent calculate how it should be shared so we both have an similar income from our pensions. Her previous pension from her employment before the children transfer value is £55K but obviously there’s nothing else going into it. Mine transfer value is £277K and I continue to add to it.

Think I’ll have to talk to my solicitor go through a few points I’ll try and keep it to 10 minutes to keep the costs down.

LannieDuck

I'm pretty sure she would be entitled to half your pension accrued during marriage (accounting for life expectancies etc - that's where the actuary comes in). That will be equivalent to a particular lump sum (calculated by the actuary), and you can agree with her to give her something else in lieu, e.g. a bigger share of the house if she gives up claim to your pension.

The same will, of course, apply to her pension. So you can offset one against the other.

I can't imagine that anything you add to the pension after the divorce will be of relevance to her.

Edit: In fact, what Thumper said :P

Thumper7

JackRS wrote: »

Both solicitors have agreed to this actuary to make a report to equalise our incomes from the pensions so it seems like we’re heading down the route of her having half the pension? Obviously that’s not what I want. Don’t really understand the value of the actuary report at £1200+VAT. I’m guessing it’s to have an independent calculate how it should be shared so we both have an similar income from our pensions. Her previous pension from her employment before the children transfer value is £55K but obviously there’s nothing else going into it. Mine transfer value is £277K and I continue to add to it.

Think I’ll have to talk to my solicitor go through a few points I’ll try and keep it to 10 minutes to keep the costs down.

Jack

I would suggest that you hold fire until such times as you get the actuaries report.

Its normal in your situation where you have the larger pension.
What you have to decide is what is more important to you, when you get the report, do you want to retain your pension, bearing in mind she wont see a penny of it until she retires or, if she is money hungry, can you do a deal, ie I'll gyou my share of the house etc.

As example:

Your pension is worth 10,000
hers 2,000
House: 15,000

In the pot goes 37,000

Now this is to be shared 50/50 so 18.5 each
If she wants hard cash you have to find away of giving her 18.5K so your share of the house is £7.5 she keeps her pension so you have to give her 9k.

It may be depending on your age that a pension is much more attractive to her so if you want to keep your pension it may cost you more. Its all a bargaing game,which truthfully after a life spent together is pretty !!!!.

D

RAS

Thumper7 wrote: »

As example:

Your pension is worth 10,000
hers 2,000
House: 15,000

In the pot goes 37,000

Now this is to be shared 50/50 so 18.5 each
If she wants hard cash you have to find away of giving her 18.5K so your share of the house is £7.5 she keeps her pension so you have to give her 9k.


D

So


Your pension is worth 10,000 - she gets £4K and you get 6K
hers 2,000 - she keeps this
House: 15,000 - 7.5K eack

In the pot goes 37,000

Now this is to be shared 50/50 so 18.5 each

This assumes 50:50.

Question would be she whether wants the £4K pension rights or would prefer to get an extra £4K from the house and leave your pension intact.

I appreciate that at the moment she wants 100% of everything plus spousal life-time maintenance.

ash28

Thumper7 wrote: »

Jack

I would suggest that you hold fire until such times as you get the actuaries report.

Its normal in your situation where you have the larger pension.
What you have to decide is what is more important to you, when you get the report, do you want to retain your pension, bearing in mind she wont see a penny of it until she retires or, if she is money hungry, can you do a deal, ie I'll gyou my share of the house etc.

As example:

Your pension is worth 10,000
hers 2,000
House: 15,000

In the pot goes 37,000

Now this is to be shared 50/50 so 18.5 each
If she wants hard cash you have to find away of giving her 18.5K so your share of the house is £7.5 she keeps her pension so you have to give her 9k.

It may be depending on your age that a pension is much more attractive to her so if you want to keep your pension it may cost you more. Its all a bargaing game,which truthfully after a life spent together is pretty !!!!.

D

As example:

Your pension is worth 10,000 = £4k for her £6k for you
hers 2,000 = she keeps this
House: 15,000 = £7.5k each

In the pot goes 27,000 (not £37k) This is to be shared 50/50 = £13.5k each

Her share of the pensions + her 50% share of the house = £13.5k

Her own pension and her half share of the house = £9.5k

The amount to find would be £4k.......just hand her over a larger share of the house and keep the pension.......

mgdavid

Thumper7 wrote: »

......

As example:

Your pension is worth 10,000
hers 2,000
House: 15,000

In the pot goes 37,000

.........

I don't follow this - where did the extra 10k come from?

If you meant 27k then it's 13500 each.
You keep your pension, she keeps the house and her pension and she pays you 3500.