Divorcing in my 60's - pension value?

My husband wants my pension if we divorce! He had his seized when we had to declare ourselves bankrupt, when he was made redundant at age 51. I had already got my NHS pension on health grounds. I want a divorce now, as living with him is impossible, but he has threatened to try to get my pension if I leave him! Over my dead body, as I worked full time my entire married life (37 years) and brought up my 2 children! If I have anything to do with it, he will get zero! So I am stuck in a toxic marriage with someone I detest. Money really is the root of all evil, as far as I am concerned! Sorry to be so bitter, but I really f

Have a look at Martin Lewis's Money Expert website. He mentioned pensions in a recent programme and has advice on his site. The Pension Service is currently looking at pensions where a couple have divorced. I have applied to them about this as I don't get a full pension so I could claim on my divorced, now deceased, husband's pension. In your present situation I would stick out for nearer the 50%. It sounds like they are bartering a final figure.

I would take legal advice but be careful not to rack up legal charges that outway any gain. At the end of the day he wants 17 percent more pension than you. What is that in real terms? Is it worth the effort v the cost? I don't know the answer, but I would look at your settlement and work it out.

My DD is younger than you, the Court refused her husband the divorce because he wouldn’t agree to giving her any of his Pension, 3 years later the money has just gone into her Pension Pot, her Solicitor tried to get the Pension agreed as part of the Divorce but DDs ex’s fancy London Solicitor wouldn’t agree to anything and by then DD just wanted the divorce sorted and lost the will to fight.
Tell your husband that you won’t divorce him or agree to sell the house until the Financial side is sorted to your satisfaction, at least it might hold things up for a while, not sure if you can always count on a sympathetic Judge, but your Solicitor must be used to negotiating surely and should be fighting harder for you.

Thank you, everyone, for all your comments. We both have solicitors and also previously went to mediation. My solicitor and the mediator advised that 50% of the pension valuation was fair, his solicitor has advised him to offer a lower amount and he is now fixated on this lower amount and will not budge. The pension is in payment and has been for 9 years. I am named as the beneficiary if he dies, I will get a 50% monthly payment for the rest of my life, which is a pretty hefty sum. I just wondered if anyone had experienced a similar situation and what the outcome was. Has anyone taken it to court for the court to decide? I would far rather have the offset, than the pension share. He wants to it go the other way round.

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My solicitor got me 50% of my exh pension, I kept my own small pension, we just split up the big assets. Definitely need a solicitor and I got an accountant that my solicitor recommended. My accountant sorts out the pension stuff, well worth having him.

Get your own lawyer and shoot for the stars to get what is fair

You want 50% of pension, ask for 75%.
Dont start negotiating with what you would be happy with, so you have room to go down and still get what you deserve

From what I remember the pension has to be transferred into another pension fund which you can then take the cash from but if you take it in one lump you will pay 40% tax on it if it's over the threshold. Anyway if you take it a bit at a time you'll still pay tax on it but hopefully only 20%. I was taxed wrongly at 40% and had to wait a year to get it back but they do pay interest.

I think the sticking point might be that you are asking for the money in cash. If your husband's pension relies on a terminal bonus to top it up, paying out half of it will significantly reduce the final value, and therefore the value of annuities that it will buy.

Could you ask for 50% when he cashes in his pension, rather than now?

I got divorced 5 years ago at 61 and tbh can't remember all the details but this explains it www.pensionwise.gov.uk/en/divorce#:~:text=Your%20pension%20should%20be%20included,be%20shared%20if%20you%20separate.
I do remember having to find out the value myself and paying his pension company quite a large fee for the info. around £650 the actual division was worked out by an actuary which again I had to pay for.

His solicitor is representing your husband so will get the best settlement possible for him. You must have a solicitor of your own to fight your corner.

You absolutely have to consult a lawyer about this. If you have a lawyer and they are not discussing why the pension isn't on the table,get another lawyer.

What does your solicitor say? If you don't have one, you need to get one quick!

This is a difficult time for you and I empathise, but, you are entitled to 50% of all assets and that includes his private pension. State pensions are assessed on individual work records and women are credited for time spent raising children. As suggested, check your state pension forecast to see if you have any gaps. It's more expensive living in a single household and any divorce settlement needs to take that into account too.
But please don't agree to anything without full legal advice.
Good luck !

I think that's probably a bit difficult. Normally you would get 50% of his pension but, obviously your husband would not usually hand it over in cash.
Have you been provided with figures so that you can see what the difference is

Perhaps look at Citizens Advice website - it might lay out the minimum starting point for division of assets - i.e 50%?

Also suggest getting a State Pension Forecast to see where you stand, if there are any gaps that your husband or you can make up as a starting point?

The a free 30 min consultation with a solicitor to talk through the basics - one you are armed with your pension forecast.

I was divorced about 20 years ago , in my late 40s. I was given the house, savings, endowment policies and a monthly alimony payment, which I receive to this day. I also have a very small private pension. My only regret is that I did not ask that the alimony was“inflation proofed“(I blame my solicitor). He got to keep the Surgery, which was the source of his income. I worked in his practice and like you was paid just below the level that you had to pay NI.