Pension query.

Hi all, first post on here so be gentle

I split from my Stbx nearly 9 years ago after she had an affair. She moved in with the guy she had an affair with and is still with him. I stayed in our house (rented) and looked after our 4 children on my own whilst continuing to work. She did not pay any child maintenance, and left me with all the bills. I had to take out a DMP to pay them off which will be finished next year.
My youngest is now 20. Still lives with me but all the others have their own places.

We were married for 17 years. I work in public service and am due to retire next year after 30 years. My only asset is my pension which I have paid 14% into for the last 29 years. It is administered in such a way that the benefit increases in the last 10 years and then significantly in the last 5 years.

When I retire I will be eligible for a lump sum of 130,000 and a pension of 18,000.

However I obtained a value of my pension in 2015 and the value was a lump sum of £49,500 and a pension of £11,000.

My stbx and I have agreed that when I get my lump sum I will give her a payment of £50,000 as a full and final.

I’ve agreed to this although it’s a lot more than a 50/50 split of the value when we split, but I just want to get things sorted.

Do you think this is ok and fair and would a judge query this as it’s less than 50% of my lump sum and no monthly payment.

Anyone have any views?

What is the cash equivalent value of the pension?

Have you any idea what it was when you separated?

How old are you both?

When did you get the Decree Absolute?

You would need an actuary to work it out properly but based on the length of marriage and how long you have been paying into the pension, I would expect a pension share to be no more than 30%.

If you are able to provide a cash sum, this would be discounted down depending on your ages. Arguably £50k cash could be seen as the equivalent of say £100k in pension benefits (based on a 50% discount) but this would depend on how close she is to being able to access the pension.


Hadenougnow

Hi. Thanks for the reply. Not sure on the CETV.

I’m 53 stbx is 49. Still waiting for Decree Nisi,

She has her own pensions but not worth as much as mine. I want out settlement to be fair to us both but also taking into account the points I made in my original post.

If she has her own pension, the CEV of that should also be taken into account.
I would argue that she she should have a 30% share of the whole pension pot - ie both CEVS added together.


Hadenoughnoow

Ok. Thanks. Is this something we have to do even if we already both agree on a figure?

If it is it looks like I’ll have to give some money to my pension provider then for a CETV.

If you want a legally binding financial settlement then you will need the figures. They have to go in the D81 Statement of Information that accompanies the draft order when it is submitted to the court.

If you don't have a legally binding financial settlement in place you run the risk of future claims.

Hadenoughnow