Final Salary pension division

hyubh

WillowCat wrote: »

How the pension sharing works in your case will depend on what the scheme supports - i.e. whether it is a pension credit/debit or a transfer out of a proportion of the CETV.

The OP has already said the context is the Police Pension Scheme (PPS), so the possibility of a pension credit membership for the soon-to-be ex-wife isn't in doubt (this is the normal scenario for a public sector scheme).

Silvertabby

If your pension rights accrued before marriage, those years are free to be kept solely by yourself, so pension sharing can commence from the date of the start of marriage Posted by Gez

Only applies in Scotland.

Silvertabby

Gez, Thanks - We have been together since the first year I was in the scheme, and the reasons that I am happy with her looking at taking a value from my final amount (despite it being 4yrs, 11 months and 20 days away - not that I'm counting...) is as a result of some of the 'trading' we have done around other assets... Posted by Milky73

The PSO takes effect from the date of the court order, and is based on the cetv value as at that date - not an estimated future value.

Jerben

Milky,
A thought which I think Silvertabby is addressing...
The pension is only worth £33k with 5 more years service.
It is worth less than that now. (Lets say 28k?)
Your 'soon to be ex' should only be due (in my example), £14k.


The pension should be officially valued by a professional. Your solicitor should advise.

mark5

Jerben wrote: »

Milky,
A thought which I think Silvertabby is addressing...
The pension is only worth £33k with 5 more years service.
It is worth less than that now. (Lets say 28k?)
Your 'soon to be ex' should only be due (in my example), £14k.


The pension should be officially valued by a professional. Your solicitor should advise.

Exactly what I was thinking, she's only going to get 50% of 25/30.
She can't have the other 50% of 5/30 unless you want to short change yourself!

GEZ

Good evening Milky ,do your ex-wife to be have a pension?
If you wish to discuss further there are people here willing to give you a helping hand
All the best GEZ

System

Hi

The PPS was a /60 scheme, so the first 20 years are at 1/60 and then switching to 2/60 for the remaining 10.

The 2015 part is at 1/55.3 and who knows if there are any transitional protections.

So a PSO must be obtained and presented to the court for assessment as an asset, and then split accordingly. Ear-marking is best left to farmers on their livestock and not applied to a PSO.

So it is not a simple 25/30 split into 2 parts, equal or otherwise and the mention of 'amicable' hopefully will upset the lawyers and reduce their fees.

atush

mark5 wrote: »

Exactly what I was thinking, she's only going to get 50% of 25/30.
She can't have the other 50% of 5/30 unless you want to short change yourself!

No, as the OP said they did a DIY asset sharing which took into acct her having half the pension. Which means he may have had more of other assets to make up for this?

Or maybe he wants to provide for his children better?

mark5

atush wrote: »

No, as the OP said they did a DIY asset sharing which took into acct her having half the pension. Which means he may have had more of other assets to make up for this?

Or maybe he wants to provide for his children better?

Generally assets already accumulated at the point of divorce are split, not what one partner might build up after divorce. The op also says he doesn't want to short change himself and makes no reference to having a larger share of other assets.