Re:Police Pension

Thanks for that, just to clarify I split from our joint account a couple of months ago. I am looking to the future, it just isn't coming quick enough!!

A quick update, the decree nisi was issued 8 weeks ago and I have now reached a settlement with my STBX resultng in a consent order being submitted to the court earlier this week. We agreed on a 50/50 split of both my pension, by way of an attachment order, and the equity in the house. Both to pay our own legal fees and no future applications allowed by either party. Once this has been sealed by the court I can apply for the decree absolute.

We're just waitng on the exchange of contracts on our house and I'm going through the arduous process involved in applying ofr a mortgage these dayss, how many hoops do they want you to jump through? I'm hoping my application will be accepted and I can then move house and get on with my life.

Hi Louise,

Could you please let me know how to value the pension please.
There are no disputes at the moment but would be great to have it all laid out before we go to the financial mediators

Kind regards

Jack

Welcome to Wikivorce, Jack

You would need to ask your pension provider for a CETV (cash equivalent transfer value) to determine the actual value of your pension.

However, its unlikely that you will get one before the New Year, due to the changes in the calculations of public sector pensions which were announced a few days ago. I do know that both the Police and Fire Brigade have actually suspended calculations for the time being.

Jack, you need to realise that your police pension will be of significant value and may well end up being the most significant financial asset which you have to deal with. The value will depend upon how much service you have completed, rank and age. The 2 main ways of dealing with pensions are
1 - offset against other assets
2 - apply a pension sharing order
It is really important that both parties understand the implications of applying a pension sharing order in terms of when benefits are paid from, at what level and what reduction would apply to your pension.
The starting position is that you probably need to have a broad indication of the value of the pension and an illustration of the impact of a pension sharing order.
The public sector schemes have put on hold quoting cetvs and it is likely to be some time in the new year before you would get a cetv quote from them.
If it is reasonably amicable then getting a report on a joint instruction basis will speed things up and keep costs to a minimum.

Hope that's of use.

Ian

Thank you this post; has been most helpful.
My soon the be ex husband is a police sergeant he was due to retire last July. Now they arent doing the 30-plus it means he will have to go after the Olympics. So for me to sell the house leaves us with £125k each and then half his pension £75k and £11k a year, which isnt bad for us both.

Been together 25 years children grown up.

He said keep the house and he keeps his pension. So that means I get £250K house and that's it and he gets £150k plus £22k a year for the rest of his life. Now i know im not good with math but even i can see the flaw.

I could live another 30 years well theres £330k plus my £200k for my little house im going to buy outright.

I also have in my hand Xafinity Paymaster from the date he was supposed to retire and i know that after this 30-years he cannot pay into this anymore.

Thanks again

Do you know the value of the pension (CETV) as you have read this is the basic valuation and its sounds very much as though a further valuation will be needed by an actuary.

Its not possible to look only at the pension value and the equity of the home, they may be the most valuable elements but other factors must be considered.

Do you still live together

How old are you both

Are there any kids under 18 or at uni

How is the familys health

What do you earn right now, does he have work plans post retirement

Is there any debt