Divorce - Pension Portion

LockdownDivorcee

Hi. I'm negotiating with my ex wife. I have no pension. She has worked at one company for 20 years and we were married 15 years. She has agreed and giving me 35% of her pension. Is 50% more acceptable ?

Jim80

So over 5 years you were not married and presumably payment into the pension was occurring, and are requesting half of that as well? You can decide amongst yourselves what/how you split finances as long as it is not outrageously unfair. Paying for upkeep of children comes into this of course, as well as other house/debts/shares. It could be you take a lesser value on pension and a lesser value of debt or higher value of house. Difficult to judge on just that info provided.

The choice is ultimately for you to accept/reject, and if you let someone else decide (i.e the courts) it might cost you upwards of 10k.

TBagpuss

It depends on all the circumstances - how any other assets are being divided, how you current incomes, earning capacities and needs compare etc.

What's her reasoning for suggesting the 35%? What's your reasoning for suggesting 50%

How valuable is the pension and have you had an actuarial report to see what the % split would look like in terms of how much each of you would likely get in pension when you retire (50/50 on pension often doesn't result in 50/50 on income)

It's not necessarily unreasonable for her to suggest that you get a bit less than half to take account of the fact that part of the pension was built up before you met.

LockdownDivorcee

Her 35% is calculated the proportion (Total transfer value including AVC's from Mercers) on our total years together and when she left the company. My calculation of 50% is the time when her salary didn't change before me but when married her promotion/salary and contributions increased rapidly. Salary doubled around every five years. She won't budge. I'll have to find a divorce pension specialist. Do you know anyone ?

Keep_pedalling

LockdownDivorcee said:

Her 35% is calculated the proportion (Total transfer value including AVC's from Mercers) on our total years together and when she left the company. My calculation of 50% is the time when her salary didn't change before me but when married her promotion/salary and contributions increased rapidly. Salary doubled around every five years. She won't budge. I'll have to find a divorce pension specialist. Do you know anyone ?

Both calculations are rather simplistic, there are going to be other factors taken into account in any financial settlement. You say you don’t have a pension but what other sole assets do you have that could be offset against her pension? Why don’t you have a pension? The reason for this may effect the division of her pension. Were you the primary career for your children, are you unable to work, did you simply opt out of a company pension scheme? In able to meet a fair and equitable settlement all these things have to be taken into account you can’t just look at her pension in isolation.

tightauldgit

You can't really look at one segment in isolation like that. You need to consider the overall package in the separation and whether you think you are getting a fair deal on the whole. Of course if you don't agree then you will have to go to court and probably incur tens of thousands of legal fees each and wait about 2 years for it to resolve itself. 

On the face of it, 35% of someone's pension pot doesn't seem like a terrible offer but a court would look at various factors to determine what is fair including your likely future earnings/pension contributions and the needs of each party, the size of the pot, time until retirement etc.

At the end of the day, you can make any argument you like and consult any specialist you like but if your ex-partner doesn't agree to your proposal then it will be up to a court to make a decision. 

CottonTail

If you didnt save into a pension pot thats hardly your wives fault. You should be grateful for 35% and not be so greedy!

CookieMonster

LockdownDivorcee said:

Hi. I'm negotiating with my ex wife. I have no pension. She has worked at one company for 20 years and we were married 15 years. She has agreed and giving me 35% of her pension. Is 50% more acceptable ?

Half the marital assets.
Home, pensions, investments, savings.
Get a decent solicitor.

Thrugelmir

Do you have a family solicitor advising you? 

AskAsk

you need to add all assets together while you were married and then 50% of that unless you agree otherwise.

RAS

It does rather depend if there are dependant children involved? If so, with whom will they live most of the time?