How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2848
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Family Law Question Here...
Harris is online now

I have a pension worth £350,000 and I do not believe it is

Resolved Question:

I have a pension worth £350,000 and I do not believe it is worth that amount in a divorce settlement. If I want to take the cash out I can take 25% tax free but the remainder will be taxed at a cost of £118,000. So I believe the pension is really worth £232,000 compared with the house asset my wife is having which is £350,000. Am I correct in my interpretation of what my pension is worth in a divorce given the recent changes in pension legislation on taking your funds out post 55.
Submitted: 1 year ago.
Category: Family Law
Expert:  Harris replied 1 year ago.

Hi, thank you for your question. For divorce settlement purposes the value of your pension is not what you can extract, but rather the cash equivalent value. This is the total pension pot you have accumulated as calculated by your pension company. To be sure of what your pension is valued at you will need to contact them and request the Cash Equivalent (CE) Value or Cash Equivalent Transfer Value (CETV) and they have a duty to provide this to you. This value will be what is considered for divorce purposes.

If you have any further questions regarding this please let me know. In the meantime if you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you

Harris and other Family Law Specialists are ready to help you