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When you get divorced you can make a claim on your spouse's pension. The pension is one of the major assets considered by the court when deciding how to divide things up fairly. |
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Consider a typical divorce scenario with a low income mum and higher earning dad with 2 kids.
The
mum is primary carer of the children, and wants to keep most of their
matrimonial home. This is balanced by the dad keeping their other
significant asset, which is his pensions. This
is known as pension offsetting. In order to make a fair division it
is important to know the value of the house and the value of the
pensions.
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The Cash Equivalent Transfer Value (CETV) from the pension provider is usually sufficient for Money Purchase (defined contribution) pensions. However Final Salary Schemes (defined benefits pensions) can be undervalued by a CETV. These are the usual schemes for public sector workers, uniformed services and better private sector schemes. If you want a higher percentage of the house then it may be worth getting the appropriate, usually higher, valuation from an actuary.
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Alternatively the dad might become the carer and need the home, or responsibilities may be shared. In these cases it may be necessary to transfer some or all of the pensions to the other party to even things out. Due to the complexities of Final Salary Pensions this can only be done fairly by an actuary working out what percentage of the pension should be shared. They can also tell you if there are any hidden costs in sharing and identify any extra risks.
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Bradshaw Dixon Moore is delighted to be partnering with Wikivorce to offer a range of cost effective pension reporting services direct to Wikivorce members. |
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We provide actuarial services and specialise in delivering pension reports for use in financial negotiations during divorce proceedings. We can work with you directly, or through your solicitor or financial advisor. When you are starting out on proceedings, or just lost within them, then we provide lots of free resources in the form of information, calculators and easy to complete forms to get just what you need.
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If you are resolving matters amicable then you might want to use our inexpensive Express Pension Valuation from only £25+VAT to fairly value any Final Salary Pensions for offsetting. If going through ancillary relief and considering offsetting pensions versus other assets, then our full actuarial valuation reports from £475+VAT meet all Court Expert Witness requirements. To determine that the cost is worthwhile then use our inexpensive Express Pension Valuation from only £25+VAT. You can run this for your partner’s pensions without their involvement, to see how much the CETV undervalues them.
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Where it is desired to transfer pensions between you and your spouse then our pension sharing reports allow for how the schemes will actually share pensions in practice. So they tell you what you really need to share to get the result you desire. Our sharing reports cost from £600+VAT and meet all Court Expert Witness requirements. They also tell you if there are any hidden costs in sharing and identify any extra risks.
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All actuarial reports are signed by Fellows of the Institute or Faculty of Actuaries. |
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All directors of Bradshaw Dixon Moore are affiliate members of Resolution. |
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You can obtain actuarial reports from BDM through Wikivorce. You can either order in your own name, or you can ask your solicitor or financial advisor to make the instruction |
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Express Pension
Valuation
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Use the EPV when offsetting in amicable or collaborative proceedings, or to see how much a CETV undervalues the appropriate value of a spouse’s Final Salary Pension.
The EPV is a signed actuarial report. It differs from a full actuarial report in that it relies upon the data you provide, and it makes some simplification of the scheme benefits. It is not suitable for a Defined Contribution (money purchase) pension , SSAS, State Second Pension, “average” salary pension or when the pension holder is in ill-health. |
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Full Actuarial
Reports
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Full actuarial reports can be used in court and meet all Court Expert Witness standards.
Our quotation request process helps you specify what you want the report to do as simply as possible. Please read our guide to pensions in divorce for further help in determine what you want to achieve, or consult a solicitor or financial advisor. |
Bradshaw, Dixon and Moore has a strong team of pensions experts specialising in family law:
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Peter Moore is our Managing Director
Peter runs BDM. His background is in management and administration. His career in financial services included an interest in the technical risk selection process, colloquially referred to as underwriting. Management roles embraced pension, investment and pure insurance administration. Peter is a regular contributor to the Wikivorce pensions forum.
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Nigel Bradshaw is our Chairman and Actuary
Nigel is a qualified actuary and takes lead responsibility for the production of all actuarial reports. His career has spanned life insurance as well as pensions, which sometimes causes him to look slightly differently at what is really needed. Nigel is supported by an actuarial team that works as far away from him as possible!
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James Moore is our Product Executive
James manages enquiries and report instructions from clients or their solicitors, ensuring a suitable solution at a competitive price. James is happy to answer questions about our products and how they can meet your needs. If you have a specific actuarial question, he can liaise with our actuarial team and explain the answer in plain English.
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