Pension Sharing Order

Seamusoseamus

Hi I recently took partial retirement and in my retulirement benefits calculation there is a deduction of my annual  pension and lump sum due to a pension sharing order that was made in 2004. 

I was aware of the sharing order, but the deductions in 2024 are almost  twice more than the amounts awarded in 2004. My pension provider is saying it's due to index linking. 

This doesn't sound right, I perhaps naively thought that once the order had been made that was their share and any price index increases would add to the value of their share but not deducted from mine? Thoughts anyone ? Thank you 

DE_612183

can you provide figures? may be easier to understand the question.

DullGreyGuy

A pension sharing order is done as a percentage so the court typically would have said 50% of the CEV should be transferred to your ex which will have happened shortly after the order was made. Clearly different percentages can be agreed such as if you wanted to give up more pension to be able to keep the house etc.

Once its your ex's it will continue to grow in line with whichever scheme its in, sometimes it will be the same scheme as you if this is supported or it may have been transferred else where. 

Would help to see what's confusing you (obviously all personal details redacted) and know what percentage was agreed to be shared. 

xylophone

This doesn't sound right, I perhaps naively thought that once the order had been made that was their share and any price index increases would add to the value of their share but not deducted from mine? Thoughts anyone ? Thank you 

https://techzone.abrdn.com/public/pensions/Tech-guide-pension-sharing-div

The value of your benefits was reduced by the percentage allocated to your former spouse at the effective date of the Order  (the Pension Debit)?

When  you took your benefits, the Pension Debit was increased in line with the cost of living and deducted from the benefits payable?