Pension report advise

TBagpuss

Gsea said:

Thanks all,

Great sharing of information and just goes to show how complicated the process is.
My service pension came into payment at aged 60 and the CETV is similar to that of one of the DC pensions. Due to the complexity of the AFP pension, and possibly of her share not coming into payment until SPA, offsetting one against the other might be an option she would consider. Would the pension report highlight this or is this something that has to be requested in advance.

TIA!

It would usually have to eb included in the letter of instrctions.

Normallythe quetions would include asking the actuary to calculate would split would be needed to equalise pensions at a specic age, and the most effective way to do so (so if you have more than one pension, they can advise as to which pension t would be best to split) 
Offesetting is a common question as it is not usual for people to have a deal here one person wants more money from the house (or to stay in the hosue) and is willing to give up pension to acheive that.

The question will normally ask something alwong the lines of what % of the pension would be needed to offset each £10,000 of capital.

Silvertabby - it's a requirement for both parties to provide CETVs oftheir pensions as part of the normal finacial dsiclosure process so here will be cases where parties have already agreed not to split pension, or where the pensions are too small to be worth splitting or whhere the parties have boradly equal pensions so splitting isn't appropriate, as well as cases where the person you pdouuce the CETV for is the one who has lower pension assets and it the receiptent of any split, as well as those where the person with the pensionhad other pension funds and the wplit was taken from them rather than the LGPS pension. So probably a ocomparatively small proportion are actually being offset in the legal sense (with someone accepting other assets in lieu of a pension share)

Gsea

Hi all,

Just a thought, can I be forced into taking a bigger pension share in return for her keeping the house?

TIA

TBagpuss

It depends.
You and she can agree on whatever you want but if you can't agree and a Judge has to decide then they would typically split things so you both get a share of the differnete types of assets - i.e. they wouldn't usually require you to have lots of pension and minimal cash and for her to hve lots of cash and minimal pension, unless both of you were happy with theat. 

If you both want as much cash as possible and are willing to sacrifice pension to get it, a Judge will probably split things broadly equally, other than adjusting for differences in needs (e.g. one of you might get more cash if you had lower borowwwing capacity, so you both have similar buying power)

Gsea

Thanks Tbagpuss,

I'm just hoping there is some light at the end of the this tunnel.