Pensions are often one of the biggest assets you need to make decisions about on divorce. Some people may not have given much thought to this. However, they are considered an asset of your marriage and this does not change just because they are in one person’s name.
There is a very comprehensive guide called A survival guide to pensions on divorce. This is a helpful starting point for anyone who has (or whose spouse has) a pension. It is not short but it is divided into sections so that you can focus on the part that is most relevant to you at a particular stage. The Pensions Advisory Service also contains a lot of useful information.
In preparation for mediation, you will need to gather information on your pensions. These include pension CEs (or Cash Equivalent transfer values), which you can request from your pension provider. Make sure to ask for a CE for the purpose of divorce, so that you receive all the details you need. Pension providers are expected to supply this information within 3 months, though some do this sooner, and they should not charge you for providing one CE per year.
If your pension is a Defined Benefit scheme (often final salary schemes in the past), you also need to bring details of your annual pension and any lump sum due on retirement. This can often be found on your latest annual pension benefits statement.
Some people send this ‘Form P’ to their pension provider to make sure they have obtained as much relevant information as is available. This is particularly helpful for larger pensions.
You’ll need to find out about your state pension entitlement too. You can request this information via the gov.uk website.
In mediation, we can talk through the options regarding pensions: pension sharing, attachment and offsetting.
If your pension provision (CEs) are over £100,000, you are likely to need some input from a Pension on Divorce Expert (PODE).
A Pensions on Divorce Expert can help with understanding how these CE values have been reached and whether adjustments are needed to help in comparing them. This may be by requesting a pension valuation, which is often carried out by an Actuary. Financial Planners can meet with you jointly to explain the factors relevant to your pension situation.
In the list below, Financial Planners are only listed if they confirmed they are Resolution Accredited Divorce Specialists.
Pension on Divorce Experts
|Service||Firm||Pension Experts||Location||Can Offer|
|Actuarial||Actuaries for Lawyers||David Lockett||Wiltshire||Joint|
|Actuarial||Collins Pension Actuaries||Jim Sylvester||Bewdley, Worcestershire|
|Actuarial||Expert Pension Solutions Ltd||Philip Ingram, Richard Pinder, David Bailey, Philip Clark||Littlehampton, W Sussex||Free Initial, Online,|
|Actuarial||IWC Actuarial Ltd||Ian Conlon||London & Belfast||Free Initial (phone), Joint, Online|
|Actuarial||Mathieson Consulting Ltd||None||Birmingham & Wetherby||Joint, Online|
|Actuarial||Windsor Acturial Consultants||Peter Crowley||London||Free Initial, Joint, Online|
|Financial Planner||Bluesky Chartered Financial Planners||Mark Penston, Rob Starling, Jeremy Jackson||Reading||Free Initial, Joint, Online|
|Financial Planner||Lampiers Financial Planning||Miles Hendy||Bristol||Free Initial, Joint, Online|
|Financial Planner||Southdown Financial Consultants||Paul Gorman, Ian Hawkins||Essington, Staffordshire||Free Initial, Joint, Online|