pension

carolss

I am totally pension ignorant and dont have many details yet! but I have been told by my soon to be ex-husbands solicitor that his pension has a cash value of £405,000 i have no idea what this means. I have struggled with lack of funds for the last 7 yrs since we split up after a 21yr marriage. I have paid the mortgage during this time although he has paid maintenance for the children. I had to take on £7000 debt cause the card was in my name even thought he had a card and all debt was family related I didn't buy 200 pairs of shoes!!! Can I access any of these funds once they are put into my name I think I will be intitled to approx £200,000 once all other monies and debts are taken into account. Any info or advice would be good :-)
many thanks carol x

dunstonh

Can I access any of these funds once they are put into my name I think I will be intitled to approx £200,000 once all other monies and debts are taken into account. Any info or advice would be good :-)

This is a regulated area so anything written on the board is not advice. It is discussion only.

If the court/solicitor includes the pension and a pension sharing order is granted then a proportion of that pension will be paid into your pension. If you dont have one then you will need an IFA to set one up for you.

If you are aged over 50 (or 55 from 2010) then you can access 25% of the fund value as a lump sum. The remainder can be left invested until you decide to take an income from it or you can take an income from it straight away.

If you are aged under 50 then you cannot access the funds in any way.

Alternatively, your husband may agree to give you other assets instead of the pension and that is something that needs to be discussed with your solicitor.

carolss

looks like i'll have to struggle on for a bit longer! only 45

What is an IFA?

do have tiny, tiny, tiny work pension but wouldn't want it to go in there cause cant access that till i retire.

So frustrating I need it now

house is not quite falling down round my ears but it feels like it certinally cosmetically :-(

Oldest son has just come home to live again which will mean soon to have three sons/men 16,19 and 20 in one room no-where else for them to sleep, may have to evict oldest so council will help
I really dont want to do this but will if I have to

wont be 50 till 2012 so does that mean I will have to wait till 55 it just gets worse

House is nearly paid for but cant get new mortgage cause my income is made up from so many different areas and my paid earnings is so low because i'm a mature student

Any other discussion gratefully recieved

carol

dunstonh

looks like i'll have to struggle on for a bit longer! only 45

In your case then it will be 55 before you can access any of the money.

What is an IFA?

Independent financial advisers. With a pension sharing order, you really want to get one to do the work for you. Your solicitor may recommend one they use or they may tell you to get your own one.

So frustrating I need it now

Maybe see if there is a deal available where you can not take a share of the pension but take it in the form of other assets. This is something you need to discuss with your solicitor.

bryanb

Council is unlikely to help a 20 yr old homeless male unless there are other factors. Surely 3 grown sons could help with house decoration etc? If they work are they contributing to household budget? If not why not?

carolss

there are no other assets only the house and if we go for a 70/30 split the house will be mine anyway

Could i get a mortgage against the pension?

Some months its a real struggle to make ends meet, sorry dont mean to be misery just thought light at the end of the tunnel was on.

Oh well back to old plan sell my organs on ebay!!!!!!!!!!!!!
and I am joking selling the kids ones instead there younger so worth more yeepee

bryanb

Thanks for PM, things a little clearer now.

EdInvestor

You really need to sit down with an advisor and work out how best to divvy up the total assets, house plus pension, to see how best to meet your immediate and long term needs.

Have you had the house valued? Selling it and relocating to free up cash seems likely. Note that with some pension sharing arrangments, tax free cash is not an option.You will need more information on that. Ask your solicitor to write and get full info on the scheme's T and Cs for pension sharing orders.

Some tough love looks like being required with the boys.