Splitting Pensions

julesm (e2 Member)

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19 Feb 2012 - 2:01 PM

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Any financial matter wizards out there?

My ex-wife and I are now completely divorced, and somehting I said I would do is split my 3 pensions with her 50-50. (Ive paid them all, and she has no pensions, so it seems fair after such a long marriage) As I am willing to do this without any coercement, does it all still need a court order or can I request it to happen through my pension providers?

I have a financial advisor, who manages 2 of them, but we seem to have fallen somewhat, and I am wondering if I can initiate the split on my own? One of the pensions is simply with my company, so he wouldnt have anything to do with that I guess?

I just want it done, so I can stop wasting money paying into these pensions each month that my ex and her boyfriend will benefit from.

Regards
Jules

mikehit (e2 Member)

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19 Feb 2012 - 3:45 PM

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First of all, it is good to hear about a divorce being handled in such a civilised and considerate way.

I think the best thing would be to talk to the pension company directly. The financial advisor is doing nothing you can't do yourself - but based on his experience he may be able to advise on ways that you can build contingency plans.

collywobles

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20 Feb 2012 - 8:58 AM

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Quote: First of all, it is good to hear about a divorce being handled in such a civilised and considerate way.


Absolutely, the way it should be done

However, Your decision is admirable. As has been said I think you will need to have some formal/legal agreement to do so if only because of the fact that if you collect the pensions you will be taxed on them and it might then be that your wife is also taxed as income (assuming both of you exceed the basic IT allowance). If its done via some legal format the tax people will recognise that the share you give your wife comes off your pension before you pay tax -- bit like child maintanence does.

You might also have to consider that your wife might get a share of your remaining pension should you decease - this is generally a decision that the pension company has an option to do depending on their view of your relationship and time married to her. For instance should I pop off my wife gets 50% of my original pension (prior to any comutation) which will be more than she needs to live on - in fact she might blow the lot on a Toyboy (8o)........

I do admire your morals on this as a friend of mine who was going thru a messy divorce and who's wife was claiming a portion of his 'good' (2/3rds salary related) pension -- got quite offended when I suggested that she is entitled to some as she looked after the home and brought up the children for 18 years whilst he was at work earning the salary and pension...... (... and I do believe she did get awarded a portion). Never had the courage to ask him personally .. (8o(

Well done and very admirable

€olin

collywobles

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20 Feb 2012 - 4:38 PM

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Hope it gets sorted to your satisfaction -- but I still admire your5 principles.

julesm (e2 Member)

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20 Feb 2012 - 8:50 PM

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Thanks all
I'll post a summary of the outcome when I get there

Jules