Divorcing in my 60's - pension value?

When my ex divorced me, he did a clean break with no claim to pensions.

Thanks for your comment Jillybird. I am looking for a change in the division of all our assets. Our house is being sold and this will be divided 50/50. His private pension is worth, eg, £150,000. I am the named beneficiary as, if he dies, I will get 50% of his monthly payment for the rest of my life. He wants me to take 50% - £75,000 as a pension pot, but this reduces his income to below the accepted level set by the Rowntree Foundation as what a single person needs to survive. I would prefer the £75,000 from the house money for several reasons, giving him his full income and enough to buy a house, this is our sticking point. He feels this is unfair

I've been married and divorced twice l didn't get a penny from either of them.

Message withdrawn at poster's request.

One of the issues here is that you are working full time and therefore have an annual income. It is also not clear when OP intends to retire. Husbands pension is in payment and it's not clear if this is his only income or whether he could resume paid work..

You need to get your pension forecasts as it would seem you might be entitled to bigger state pension than your husband due to family carer credit for the years when not working and not paying NI. He may have been paying reduced NI contributions due membership of private pension and therefore only entitled to reduced state pension on top of private pension. Make sure these credits have been claimed. See a financial adviser as well as a lawyer, and possibly a tax adviser. Get a copy of his pension scheme rules as sometimes there is guidance on what happens on divorce. Maybe the pot can be divided into two pots without triggering tax liabilities.
The settlement split has to be fair, and if for example you are entitled to bigger state pension, then it's possible a 40/60 split of his private pension pot might actually be fair. Ultimately it is not just the % split, the division of assets needs to share capital assets and income fairly after the end of a long marriage. If he doesn't want to share pension, then a cash settlement sum would be an alternative, as calculated by your financial adviser to invest your own pension pot for drawn down when you want to retire .

I would advise you to use a firm of solicitors, that specialises in Family Law , these firms are much more on the ball than the ones that practice a variety of law areas . Good luck.

I think if you do not have the correct number of years NI contributions you can make a claim on your husband’s contributions.It would be fairly basic though.

No idea about divorce entitlement. There is though regulation that when you retire and if your state pension is less than 60% of your ex husband's you are entitled to have the state make it up. A lot of widows,divorcees have been missing out on this and are now having to be reimbursed. You need legal advice though on the divorce terms.

Pensions are very difficult to analyse/evaluate so most lawyers will ask for an experienced pensions actuary to prepare a report for divorce calculation purposes. Although it can cost around £500- £1,000 it is usually money well spent. Good luck!

Many thanks, everyone! Yes, I have made up my NI contributions, so my state pension should be at full rate. You have all given me the confidence to press on with my claim for 50% of his pension.

PS - one thing I did do was pay extra contributions to make up my reduced national insurance contributions. It has helped get me extra bits and pieces to my state pension.

I was divorced at 58 after 31 years of marriage in 1998. Ex has just died and his solicitor found all sorts of finances he had hidden from court/solicitor when I was fighting him. No use to me though, he has left nearly £400.000 to charity!! My best advice would be to get a solicitor who is used to dealing with divorces - mine was not - and fight hard and dirty if necessary. It took me 2 years and a court case to get the little I ended up with. Good luck.

As others have said, you must get your own solicitor if you don’t already have one. With such a long marriage, 50/50 is the starting point but it doesn’t have to be that way. I divorced my errant husband in 2017 after an almost 30-year relationship. We both had good jobs with occupational pensions. My solicitor told me that most men would rather lose a limb than hand over a penny of their pensions. I decided to take the bull by the horns and had a meeting with my then husband a week after taking him to court - the judge was quite happy to have a second court appearance but I wanted an end to the situation. I did my homework and told my husband I didn’t want any of his pension and that I was giving him none of mine but that I did want the lion’s share of the settlement given that he had a new partner whom I knew he’d marry (he did - a matter of weeks after decree absolute) whereas I was on my own and had a house to buy. I also wanted to claw back every penny of the lump sum I’d got from my employers when I took early retirement and had put the whole lot into the purchase of a new home in a new county - which he walked out of a year after moving in. He agreed to my demands and I ended up with 70% while he got 30%. Fast forward to 2021 and I have my own house - paid for in cash - and am enjoying transforming it into a lovely home. He persuaded his new wife to sell the home she owned outright and to move elsewhere - so he’s now in a 50/50 ownership situation again, but thankfully not with me. History repeating itself? It isn’t easy but by standing firm and getting good advice from an experienced solicitor, you can get what you deserve.

A solicitor would help you get your fair share. If you do not manage to get a decent pension you would qualify for housing benefit and pension credit. What do your children say about all this?

A good divorce solicitor will get you so much more . You must have your own solicitor. Do not be scared off by paying a solicitor , it will be to your advantage . Do not talk to your husband . His solicitor would not discuss your husbands affairs with you so how do you know what his solicitor said ? Do not believe your husband . I have been through this in my early 60’s . My solicitor wanted to go to court as she believed I was due more than 50%. I was scared of my husbands threats . I know he sold his business but can’t prove anything. I did get 50% of his private pension . Luckily I knew .

Consult a divorce lawyer and make notes of all you did in the business / marraige to maintain the business. Was childcare needed so you could continue to work etc. The laws regarding pensions in divorces situations have changed fairly recently.
Get good legal advice

"State pensions are assessed on individual work records and women are credited for time spent raising children."

This is only true if you weren't a numpty like me who opted for the married women's reduced rate NI system under which you get no pension credits at all for the years in which you receive Child Benefit. I'd have got a far better state pension if I'd never worked a day in my life. Still, too late now!

Sister went through this get a solicitor and fight for your rights! Good luck!

My friend has just gone through exactly this situation the only difference is she’s mid 50’s. She gave up her nursing career to stay at home and bring up the children. Fast forward 34 years.
Divorce was all clear cut until it came to the pension.... she was not letting it go she fought all the way. It took 4 years and cost 5.5k but she won and got her fair share 50-50 of the pension and can I say it’s a pretty hefty pension so she feels it was definitely worth being persistent her solicitor was good which helped. I’d say stick your heels in, get advise, get a good solicitor that deals in family divorces. Good luck.

Just to add for someone else saying go for 75% - that wouldn’t be advisable as the judge again would see you then as being unnecessarily greedy and not being fair. I did go to all three hearings and the judges were always very down the line and fair.

The courts are very clear - you are entitled to half the estate. I wouldn’t budge - stick out for the 50/50 and take it to court. The judge will look favourably on fairness - if he is being seen to be unfair it will go against him. Stand your ground!

silversalsa

Would welcome input from anyone who has got divorced in their 60's. I married at 22 and had 3 children by the time I was 30. As well as caring for the family, I also worked alongside my husband in our business. He ran the retail side of things, while I did repairs, learned about the internet, developed our online presence and also worked in the shop to cover when he was out seeing clients. My income was scant, rarely earned enough to pay NI contributions, no private pension, just husbands with me as spouse. Fast forward to 3 years ago. He wants a divorce, now selling house. As we have been together over 40 years, everything is divided 50/50 (house) EXCEPT his pension! I have asked for 50% of the value of the pension, which is in payment, as cash. I have gone back to work full time. I am mid 60's. He & his solicitor have refused point blank and have offered 33% of the total, rather than 50% - any thoughts would be gratefully received, thanks

Definitely get a solicitor. I man 63, got divorced 7 years ago. Ex hid pension (got us in such a financial mess I had to go bankrupt). I found out about pension 2 years ago, got a solicitor who told me to go for it re the pension. Ex put up huge fight, threatened all sorts (costs against me etc.) then two weeks before hearing, capitulated and I got 43%!

Very similar situation to yours Silversalsa 10years ago
I'm now 61
Wanted to claim half of the family plumbing business which was very astablished but he said its value was just a van and tools which was his and couldn't be touched
Half the house and no pension
He was laughing his socks and still is ..

My thoughts are hold out for the 50%, BUT only if it doesn't mean your solicitors fees are going to go sky high by doing so - basically ask your solicitor how much it could cost you then decide if it's worth fighting for.
I started divorce proceedings many years ago, and my solicitor told me if my husband at the time contested what we set out as a divorce settlement it would cost him dearly. I now wish I had asked for more because I took half of what I was entitled to. Court costs are very expensive.
Good luck, and I wish you well in life as a single lady, because it can be wonderful.

There are different ways of pensions being divided or shared upon divorce, depending on what type of pension your husband has. Not all can be paid out in cash and that might not be the best way forward anyway, for various reasons.

Dependent on the type of pension, your solicitor may need to apply, either directly or through an Independent Financial Adviser, for a CETV (Cash equivalent transfer value) or a simple valuation as this leads the conversation.

This has to be dealt with as an absolute priority before starting to agree everything as pensions are often overlooked despite being an incredibly valuable marital asset.

Please feel free to drop a message to me if you want a little more advice as I am an IFA who specialises in this type of work and I work hand-in-hand with solicitors to get the best outcomes for clients.