Pension entitlement can be the most valuable thing a person owns (even more valuable than their home); and as state pension provision dwindles, private pension entitlements are becoming even more important.
If you are married or in a civil partnership, you will be entitled to any spouse or civil partner provisions under a pension scheme. That entitlement ends on divorce or dissolution of a civil partnership. However, the court can order pension sharing or otherwise take into account any big differences in pension entitlements. The aim is to ensure that you are both fairly provided for in retirement.
The court will need your “cash equivalent transfer value” (CETV) for all your pensions, so your entitlements are known, and fair provision can be made.
If you have complicated pension arrangements, or if otherwise the CETV does not give an accurate picture of the value of your pension, we can arrange for an actuary to provide a valuation.
Usually, it is better to leave pension arrangements as they are and make up for any discrepancies by transferring capital (e.g. making a lump sum payment out of savings). This is cheaper and easier to do (remember that pension providers normally charge for implementing any pension sharing orders). If you want to discuss this, please contact Nicola Harmon.
