Pension sharing incorrect

Richardbirdsall

Hi guys... going out of my mind here so hopefully someone can help.... I separated from my ex wife in 2015 and divorced August 2017.. in that period the finances were split through solicitor and she was awarded the equity in the house and £50000 from one of my pensions this equated to 66%. The implementation has just been made and £117000 has been taken from my pension. When I questioned the pension company they have said that there was a factor change in October 1017 which altered the way cetv was calculated and made her share £117000 in stead of £50000... this means that she has walked away with £67000 more out of the divorce settlement which doesn't seem right... is there anything that can be done? Thanks in advance....

comeandgo

I would image she still has 66% even though the value is higher. The amount you have left, will be 34% and it will be a higher monitory value too.

tacpot12

Pension Sharing orders always specify a percentage of the pension to be transferred (except in Scotland where they can also specify a set amount). So what has happened is correct.

Why did it take so long to implement the split?

crv1963

As has been said it goes on percentages. This is because of market rises and falls. Usually the person being awarded the funds has up to 5 years to action the court order, so a fixed sum could either advantage or disadvantage them as the price per unit changes daily.

One of the reasons for allowing up to 5 years to implement is because providers including Public Sector Pensions can charge a fee to split or share a pension- so other scheme members are not bearing the cost of the process. I believe my ex-wife was charged around 5k to get her share of my Public Sector Pension, even though she was also a member of the same scheme. They have to calculate the worth on the date they apply the change but not handover anything accrued since the date the order was made.

Richardbirdsall

Hi yeah, but the divorce settle ment has swung massively in her favour.. cant be right..

Richardbirdsall

I understand but she is £67000 better off out of the split than me...I agrees to the pension share of 50000 not 117000..

Richardbirdsall

She hadn't handed her birth certificate in to the solicitor or courts aparently ..

AnotherJoe

Richardbirdsall wrote: »

I understand but she is £67000 better off out of the split than me...I agrees to the pension share of 50000 not 117000..

Are you saying it isnt 66% of the new value ?

tacpot12

Richardbirdsall wrote: »

She hadn't handed her birth certificate in to the solicitor or courts aparently ..

She could not have known that the delay would work in her favour.

You need legal advice if you want to challenge this. The advice you need is whether you are likely to be successful in getting a new order made. If you agreed to £50,000 but the court order translated this to 66% of the current value, you need advice to see if you have any sort of case based on this.

crv1963

Richardbirdsall wrote: »

I understand but she is £67000 better off out of the split than me...I agrees to the pension share of 50000 not 117000..

Is the order written as a percentage or a figure? If a figure then I would expect that to be used, you may be able to seek clarification from the pension provider which they used and why?

What does the birth certificate prove? She could use other ID to prove who she is for the pension provider.

I agree on the surface it does appear that women seem to derive a better share of the marital assets but......the aim of the court is leaving both parties at an equal point, taking lots of things into account and the needs of any children are paramount.

I decided as unfair as it seemed to me personally at the time it was a price worth paying in the end! You either become eaten up with the unfairness of the system/ process or you accept it is a process to end an unhappy situation and release you to live life.

mark55man

so you agreed to split 66% to your ex of something as fair - keeping 34% for yourself

that something has since obviously significantly increased in value

and instead of celebrating that your 34% is now also significantly increased in value you are on here moaning that your ex is better off.

ironically its you looking for technicalities to delay/alter things that possibly allowed the extra time to pass and your assets to increase so much

I think you need to do what the poster above suggested and stop fighting the battle and move on. no one can ever predict the future, but to come on hear wishing you had done the thing differently because of hindsight is just pointless. even more pointless/wasteful to try and rejig it