Divorcing in my 60's - pension value?

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.

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 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

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 !

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.

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.

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.

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?

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.

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

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.

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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.

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.

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.

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.

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

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.

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.

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 ..

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%!

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!

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.

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.