Pensions

A very useful article on pensions in divorce written by Tom Tyler from the four brick court website.

There is some argument about whether pension accumulated prior to the marriage should be included or excluded (that’s one for the lawyers).

If the outcome will definitely be a pension sharing or attachment order, then there is a good argument for not spending good money calculating whether the CETV is reasonable. However, this assumes that the way that the shares are implemented is not detrimental to either or both parties. Often they are not, and this is an important area where actuaries can and should add value.

This article provides an introduction to the three main ways of dealing with pensions in the event of divorce - namely: Offsetting, Pensions Sharing and Attachment.

Pension sharing does not necessarily mean a 50/50 but it is often the starting point. Much depends on whether all the other assets have been dealt with. The experience and knowledge of your lawyer and that of your stbx may also come into play. There are no straightforward formulae it will (should) all depend on the circumstances of your case.

A divorce under Scottish Law is different because only the value gained during the marriage is taken into account. The CETV (Cash Equivalent Transfer Value) is a crude but the simplest way of putting a value on the pension.

A digest of posts in Pension: Solicitors and CETV Values covering: CETV CORRECTION FOR OFFSETTING - APPARENT COURT PRACTICE - THE 25% ‘RULE’; PENSION APPORTIONMENT IN/OUT MARRIAGE; AN ACTUARY’S VIEW ON THE 25% RULE, PENSION APPORTIONMENT IN/OUT MARRIAGE AND OBTAINING ACTUARIAL REPORTS; A BARRISTER’S VIEW ON CETVs, THE 25% RULE, PENSION APPORTIONMENT IN/OUT MARRIAGE AND OBTAINING ACTUARIAL REPORTS; SCOTTISH LAW; SOLICITORS, FSA ACCREDITATION + COMPLAINTS; TAXATION + CETV ADJUSTMENT

Sharing Pensions is a website focused on annuity rates, annuity quotes, pensions and retirement planning including long term care annuities. To value a defined benefit pension scheme on divorce, use the online valuation to produce an Actuarial Report and compare this to the CETV from the provider.

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A State Pension forecast gives you in today's money values: an estimate of basic and additional State Pension you may get based on your National Insurance contributions so far, and an estimate of basic and additional State Pension you may get when you claim your State Pension.

This short document provides examples of how much a CETV can undervalue a pension based on the pension type, e.g. NHS or armed forces etc.

This calculator provides a ballpark figure of what someone's private pension may be worth based on their current salary and the number of years that they have been employed.

A digest of posts in Pension:Legal Aspects of Pensions on Divorce covering: LAWYER'S VIEW OF HOW COURTS APPROACH OFFSETTING; VALUATION CONSIDERATIONS FOR OFFSETTING; PROVISION OF PENSION SHARING INFORMATION; UNDERFUNDED SCHEMES; FINANCIAL DAMAGE LIMITATION FROM PENSION SHARING; TREATMENT OF PENSION CREDIT; IFA SELECTION

How to decide whether you should consider doing independent actuarial valuation of a pension.

The qualitative study reported here is one of three studies commissioned by the Department of Social Security and undertaken in 1998 by Social and Community Planning Research (now the National Centre for Social
Research) to monitor the impact of new legislation on the treatment of pension rights on divorce.

A digest of the posts in the Pension: Final Salary Pensions Forum covering: QUESTIONING WHETHER CETVs ARE UNDERVALUED;MORTALITY ISSUES;ADDITIONAL STATE PENSION;PENSION OFFSETTING;CAN A PENSION SHARE ORDER BE IMPOSED

The Pensions Advisory Service (TPAS), is an independent voluntary organisation that is grant-aided by the Department for Work and Pensions. TPAS provides information and guidance to members of the public, covering State, company, personal and stakeholder schemes.