Posted September 24th, 2010
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We are seeing an increase of instructions month on month as issues such as the CETV embargo in the Public Sector take hold (see our previous blog on this).
We offer a free initial consultation and are happy to provide you with initial comment on a free, no obligation basis. So why not try us out. You can contact us for free on 0800 092 1229 or by email on advice@thedivorceifa.co.uk
Recent examples of our work include:
The quadrupling of the amount of state pension being paid to my client.
- Successfully arguing that a cash equivalent transfer value should be £140,000 and not the stated £90,000.
- Advising on 10 pension schemes within a divorce and reducing the costs of the actuary by £500 and implementation of the pension sharing orders by over £4,000.
So why settle for less?
0800 092 1229 or advice@thedivorceifa.co.uk
Tags: Cash Equivalent Transfer Value, CETV, CETV embargo, Divorce, Free, Free Initial Consultation, Initial Consultation, No obligation, Pension, Pension Sharing, pension sharing order, Pension Sharing Orders, Pensions, Pensions and Divorce, Public Sector, State Pension | Posted in Pensions & divorce |
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Posted August 9th, 2010
An issue to be aware of when considering ill health in divorce matters, is its potential impact on pension asset values.
It can reasonably be argued that based on longevity a pension asset in the hands of someone with a shorter life expectancy has less value than it would in the possession of someone with an average life expectancy. It is anticipated that the pension income will be paid out for a shorter period of time.
In a divorce, it would seem an appropriate approach to look at pension sharing and perhaps consider a greater proportion of the pension be shared with the spouse who is in good health. This may enable the spouse in poor health to retain more non pension asset (which could die with them) and pass this wealth down through their family. For completeness, a review of the death benefits available should also be undertaken.
For more information on this and how life expectancy affects pension valuations and other aspects of your finances on divorce, please contact us on 0800 092 1229 or email advice@thedivorceifa.co.uk
Tags: Death benefits, Divorce, Ill Health, Life expectancy, Longevity, Pension, Pension asset values, Pension Sharing, Pension valuations, Pensions, Pensions & divorce, Pensions and Divorce, Poor health, Spouse | Posted in Ill Health |
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Posted August 6th, 2010
The Coalition Government’s emergency budget announced that public sector pensions will in future link to the consumer prices index (CPI) rather than its current basis, the retail prices index.
This has wide reaching implications, not only for those public sector workers currently going through divorce who are unable to get cash equivalent transfer values (CETVs) or implement their pension sharing orders, but potentially, all final salary pension schemes.
The implementation of the change has been set at 3 months but this is by no means guaranteed and there is likely to be a backlog of cases. This affects all of the public sector schemes including the NHS, Fire, Police, Armed Forces, Teachers and the Local Government Pension Scheme.
It is possible to still get divorced legally but the financial settlement will not be completed without agreeing the pension settlement.
The long term implications of the move are greater. The CPI is a lower measure than RPI and so the knock on effect will be that inevitably CETVs will be lower leading to lower pension settlements.
In addition, the private sector is likely to follow suit although this will take longer as they will need to consult with their pension members.
See my comments on this in The Guardian.
For more information on this issue, please contact us on 0800 092 1229 or email advice@thedivorceifa.co.uk
Tags: Armed Forces, Cash Equivalent Transfer Value, CETV, Coalition Government, Divorce, Emergency Budget, Final Salary Pension, Financial Settlement, Fire, Local Government Pension Scheme, NHS, Pension Settlement, pension sharing order, Pension Sharing Orders, Pensions, Pensions and Divorce, Police, Public Sector Pensions, Teachers | Posted in Transfer values |
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