I don't want to work until I'm 67 tho, I'm psyched up to finish max 60. Another thing I'm wondering about is my pension sharing order that the ex has, 32%. I've been divorced just over 7yrs now, will that sharing order be a share of my pension up until the divorce or has she a share of everything I've paid in since ? At the time of divorce my transfer value was 110k. The recent figures I have is 273k, which they've taken into account the sharing order. My maths tell me that my POT would have been about 412k. So it's increased quite a lot. Does the ex have a claim on everything since, and up to the day I retire ?
Can't help on that one, suffice to say that my retirement "portfolio" now includes a number of two-wheeled assets that can move very rapidly if required.....
A friend of mine won’t marry because of entitlement to ex-pension which is substantial. Ex has new family with 2 kids but she gets half or so of his still.
I'm afraid this is another aspect you'll need to take advice on, although you might be able to refer back to documents from the original divorce settlement, perhaps? I suppose it might be possible to get some information, although not advice, from the pension scheme administrators, e.g. can they confirm that the figures they are quoting you are all your money and separate from whatever your ex (I assume) would continue to be entitled to in the DB scheme? In this case it's legal advice and not just pensions/tax advice that is relevant, because there are various intricacies when it comes to divorce and pensions. I think it might in some situations be possible for an ex to come back for a "second bite" in some cases, and that might be affected by whether or not you end up contributing to a new/separate scheme from the one that was the subject of a sharing order. It's definitely an important factor that any advisor should need to be aware of when considering the merits of transferring any pension.
Phew ! Just off the phone to my pension admin and they confirmed that they have already paid the existing 32% two weeks after the divorce absolute went through so she's had her money. I'm glad I only upped my pension to the max after we'd divorced . They're redoing the calculations as I'm sure I should have a bit more in my pot than they quoted. Anyway, our lass has more in hers so we'll be quids in I wonder if this is a good time to tell her I've ordered some OZ Gass wheels
What multiplier are they using? I’ve been reading most seem 25x but some schemes are offering 30x to get the liability out of the fund
CETV I was told is the amount of annual pension for life x by the number of years. So most seem to be 25. 10k pa = 250k cash pot.
Not sure. An earlier post I stated 110k at time of divorce , but that was a CETV from a year earlier in July 2013 when divorce was ongoing. It was actually 125k by the time decree absolute came through in May 2014. I found out today that the ex was paid 40k at that time so I had 85k left in my pot which has built up to 273k this year.
Just look at what the estimated annual pension is at the time of retirement age you chose and decide into the largest pot value. That will give you an estimate.
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