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Actuary Report - I don't understand the percentages

  • mrs teapot
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14 Sep 23 #521753 by mrs teapot
Topic started by mrs teapot
Married 38 yrs - 3 children ( all adults - no dependants or health needs
Me 61 work full time Civll servant low earnings & only resumed work 2005 ( after raising children )-
May take partial retirement but cannot afford to fully retire until state retirement age 67
Ex - 68 - retired #Police Officer - retired age 50 has received Police Pension since that date & in receipr of state pension

The police pension can be paid to me at aged 60 -( as I am 61 I will get this immediately )

We've had a Pension Actuary valuation - but to be honest I don't know what the different percentage values mean

Ex's solicitor states I am entitled to 24.6% .
Could anyone explain why I would not be getting the full 27% to include the value of the spouses pension on death .

pension sharing ORDER ILLUSTRATIONS – BENEFITS ACCRUED OVER MARRIAGE i.
A 24.6% Pension Sharing Order would be required in order to provide both parties with broadly the same pension in retirement assuming Mrs E draws all pension benefits immediately following implementation of any Pension Sharing Order, based on pension benefits accrued over the marriage.

ii. A 27.0% Pension Sharing Order would be required to provide Mr and Mrs E with broadly comparable capital value of pension benefits if the value of Mrs E BPS benefits is based on assumptions broadly comparable to those underlying the PPS and if the spouse’s pension payable on death is included from the value of each Party’s pension benefits and based on pension benefits accrued from date of marriage to date of separation.

iii. If the value of the spouse’s pension payable on death is excluded for the value of each party’s pension benefits then a 25.5% Pension Sharing Order would be required

  • hadenoughnow
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18 Sep 23 #521779 by hadenoughnow
Reply from hadenoughnow
Once you are divorced, you are no longer entitled to spouse's pension. I guess the pension share, of it is within the scheme, may include benefits for a new spouse?

Is the entire pension accrued during the marriage? Or are they seeking to exclude some of it?

The usual aim is to equalise income in retirement. After such a long marriage I would expect the whole pension to be considered.

Hadenoughnow

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19 Sep 23 #521783 by mrs teapot
Reply from mrs teapot
Many thanks for your response
Pensionable service commenced 01/09/1975 date of marriage 27/04/1983
Cohabating since December 1982 so apart from 7 years the majority of the pension contributions were made whilst living together or married.
( Total of 30 years of contributions)
Obviously once the pension sharing starts & if ex dies I would not be entitled to the spouses pension
But I believe that due to the length of the marriage I am entitled to claim the spouses benefits
Would I be correct to request the 27% as per the actuary report & see what response I get ?

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