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Pensions
Pension entitlements (also called "superannuation") are usually the main security
for a couple's retirement. Therefore if a couple divorce it is important to consider
whether both can be secure in the future. English law allows pensions to be shared
(or "split"), or to "earmark" the income (that is to secure a set percentage
of the payment). Because there is such a variety of pensions, including state
pensions and the State Earnings Related Pension Scheme (SERPS) expert guidance
is needed to ensure a fair arrangement. Foreign pensions also have to be considered. |
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Pensions - Scenario Analysis Example
Mrs M consulted us. She was 52. Her husband was 54 and Chief Executive of an engineering company. He was likely to retire at 60 with a pension of half his final salary. He also had a private pension fund from years earlier. He argued that he had worked hard for his company pension and it was solely entitled to it. He proposed sharing the private pension fund.
Our solution:
We obtained a calculation that to replace half the future company pension benefit with a private pension fund would cost Mrs M £600,000. (This is a calculation called a "transfer value") If Mrs M was to keep all the benefit she would need not only all the private pension fund but also more to provide an investment income. We settled the matter with Mr M agreeing to consent orders with a pension sharing order giving Mrs M all the private scheme and 25% of the company pension.
Read more scenarios from other Areas of Law... |
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Contact Us Now
If you would like to discuss how we could help you with your specific situation please don't hesitate to get in touch.
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