How to get a true value of a police pension.

2

Comments

  • swindiff
    swindiff Posts: 849
    Name Dropper First Anniversary First Post Newshound!
    Forumite
    Timing was not great, we split during the banking fiasco crash and lost about £100k of equity between it being valued by the estate agents and finally managing to sell it. The property was also still mortgaged.
  • Prism
    Prism Posts: 3,794
    First Anniversary Name Dropper First Post
    Forumite
    LostKitty wrote: »
    She got your entire house? You must have a huge pension!
    What was the total split of assets?

    Depending on age the value of a pension is likely to be worth more than half the house, or even the whole house. By the time I retire I expect the pension will be roughly double the house value, and my wife will have a similar pension value.
  • Take it your lawyer has factored in any maintenance payments (child or spousal) that could be due....
  • DairyQueen
    DairyQueen Posts: 1,822
    First Anniversary Name Dropper First Post
    Forumite
    LostKitty wrote: »
    Hi all

    I'm new here but don't know where to turn.

    I've run my own consultancy business for nearly thirty years and have built up a healthy pension, but I've got to give half of it away to my cheating husband!

    My business involved a lot of international travel, so my husband gave up the job to look after our children. But now I'm advised by his lawyer that the official transfer value of his pension is less than half the number my lawyer said it's worth.

    There are a number of websites that say I should pay an actuary to get a true value of his pension - I can see for myself it would cost around £200k to buy an annuity that would provide the index-linked amount he's going to get - but my lawyer is unwilling to say whether a court would go on the actuarial value or the CETV of less than £100k.

    I'm already furious he cheated on me. How can I avoid getting shafted in a divorce that is all of his making?!
    As you are probably aware courts don't consider behaviour when splitting assets on divorce.

    Although there have been recent mutterings about the arbitrary nature of using the CETV, courts continue to do so. Judges like to work from summary values and lawyers arguing the toss on the detail (including all of the financial factors that effect, for example, annuities) is usually lost on non-experts - including judges. This may advantage your husband in this instance but it isn't his decision or fault.

    You could lose more in fees trying to argue that the CETV shouldn't be used than you could potentially gain. So, if I were you, I would follow the advice already given and offset your pension against other assets. Borrow if you have to. Remortgage. Preserving your pension is a priority as the tax advantages enjoyed on your past contributions can never be regained.

    Right now I expect your husband is regretting the day you both decided that he should give up his career to care for your children. That decision will be a lifelong disadvantage to him and an advantage to you. I suspect he will never enjoy the advantages that you have accrued by virtue of staying in the workplace. That may be of some comfort to you now but there will be life after divorce. In a few years you will no longer be angry. Your life will move-on. Your financial position will recover and, believe it or not, the day will come when you have forgotten the details of your divorce settlement.

    The reversal of traditional gender roles doesn't change the long-term outcomes for each partner post-divorce. Invariably the 'worker' recovers financially whilst the care-giver never makes up the lost ground.

    I hope things work out.
  • Thanks all for your advice. I'm pretty sure he's got the woman pregnant now!
  • I have never heard of a police pension worth £100,000.
  • Dox
    Dox Posts: 3,116
    First Anniversary Name Dropper First Post
    Forumite
    I have never heard of a police pension worth £100,000.

    Then you've clearly not come across many of them, particularly where an officer is both senior and long serving.
  • The £100k was the CETV not the annual pension, and I see no reason why it could not be £100k
  • I suppose the figure is plausible, for a short career.
    Most would be considerably higher.
  • mgdavid
    mgdavid Posts: 6,705
    First Anniversary Name Dropper First Post
    Forumite
    I suppose the figure is plausible, for a short career.
    Most would be considerably higher.


    Perhaps the clue you missed is in post #1.
    ('my husband gave up the job to look after our children.')
    The questions that get the best answers are the questions that give most detail....
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards