| Pension funds and separation agreement [message #384750] |
Mi, 03 Mai 2006 09:15 |
|
My wife and I are currently working out the details of a separation
agreement.
Most of the issues have been agreed but one area which is more complex
is how to deal with my pension funds.
I have been paying into my own personal pension plan and a GPP(which my
employer also pays into) for a number of years. The current total
value of the pension funds is approx =A3150,000
My wife also contributes into her own pension plan. This is a Local
Government scheme and her employer also contributes to the scheme.
1=2E What proportion of this fund is my wife entitled to, is it 50% of
the current fund value. ?
2=2E Once we agree on how to split the fund, what are the options for
transferring the agreed fund value to my wife?
Can I simply arrange to transfer the funds to my wife's own scheme, or
would it have to be transferred into a new PP plan in my wife's name.
Thanks=20
RH
|
|
|
| Re: Pension funds and separation agreement [message #384753 ] |
Mi, 03 Mai 2006 10:20 |
|
RedHook wrote:
> 1. What proportion of this fund is my wife entitled to, is it 50% of
> the current fund value. ?
Her pension is probably worth a lot more than yours, so I would have though
she was entitled to nothing of yours.
|
|
|
| Re: Pension funds and separation agreement [message #384760 ] |
Mi, 03 Mai 2006 12:53 |
|
Jonathan Bryce wrote:
> RedHook wrote:
>
>> 1. What proportion of this fund is my wife entitled to, is it 50% of
>> the current fund value. ?
>
> Her pension is probably worth a lot more than yours, so I would have
> though she was entitled to nothing of yours.
In which case he would be entitled to some of hers.
Frankly, I find the whole idea of treating pension pots as part of
divisible matrimonial assets utterly daft. Chances are the ex-wife
will re-marry and thereby acquire more pension entitlement from the
new husband. I think if this happens she should give back to the
old husband the chunk of his pension pot she acquired on divorce.
|
|
|
| Re: Pension funds and separation agreement [message #384782 ] |
Mi, 03 Mai 2006 18:54 |
|
Ronald Raygun <no.spam [at] localhost.localdomain> wrote
>Jonathan Bryce wrote:
>
>> RedHook wrote:
>>
>>> 1. What proportion of this fund is my wife entitled to, is it 50% of
>>> the current fund value. ?
>>
>> Her pension is probably worth a lot more than yours, so I would have
>> though she was entitled to nothing of yours.
>
>In which case he would be entitled to some of hers.
>
>Frankly, I find the whole idea of treating pension pots as part of
>divisible matrimonial assets utterly daft. Chances are the ex-wife
>will re-marry and thereby acquire more pension entitlement from the
>new husband. I think if this happens she should give back to the
>old husband the chunk of his pension pot she acquired on divorce.
>
This works both ways! What about if the husband marries again to a
wealthy woman, should he still share some of his ex wife's greater
pension pot? I know a number of women who earn more than their
husbands.
--
Gordon Harris
|
|
|
| Re: Pension funds and separation agreement [message #384786 ] |
Mi, 03 Mai 2006 19:46 |
|
>>
> This works both ways! What about if the husband marries again to a
> wealthy woman, should he still share some of his ex wife's greater pension
> pot? I know a number of women who earn more than their husbands.
> --
> Gordon Harris
Absolutely, it makes sense that in a divorce, assets accrued subsequent to
the marriage should be split 50/50.
What seems unfair to me is the claiming of assets earned prior to the
marriage by one party from the other.
Adrian Smith
|
|
|
| Re: Pension funds and separation agreement [message #384809 ] |
Do, 04 Mai 2006 00:10 |
|
Gordon wrote:
> Ronald Raygun <no.spam [at] localhost.localdomain> wrote
>>
>>Frankly, I find the whole idea of treating pension pots as part of
>>divisible matrimonial assets utterly daft. Chances are the ex-wife
>>will re-marry and thereby acquire more pension entitlement from the
>>new husband. I think if this happens she should give back to the
>>old husband the chunk of his pension pot she acquired on divorce.
>
> This works both ways! What about if the husband marries again to a
> wealthy woman, should he still share some of his ex wife's greater
> pension pot?
Of course he shouldn't.
> I know a number of women who earn more than their husbands.
Indeed. I didn't mean to sound sexist. I was using the terms
"husband" and "wife" to represent the major (or sole) and minor
(or non-) earners, not the male and female partners to the
marriage (though in the majority of cases they do still happen
to be one and the same).
I foolishly thought that would go without saying.
[in other words that makes *you*, not me, the sexist :-]
|
|
|
| Re: Pension funds and separation agreement [message #384810 ] |
Do, 04 Mai 2006 00:27 |
|
Adrian Smith wrote:
> Absolutely, it makes sense that in a divorce, assets accrued subsequent to
> the marriage should be split 50/50.
And not even all of those. It should apply only to those assets which
were acquired for joint purposes. Spouses are not *only* halves of a
couple, they are also whole individuals in their own right, and as such
should be able not only to continue to own exclusively any stuff they
had before marrying, but also to acquire items later which will be
exclusively theirs. The whole idea of them gifting things to each other
would make no sense if they would always be presumed to half-own everything.
Spouses are expected to have a lot of common interests, but also interests
which they don't share. So if she likes (and he hates) sailing whilst he
likes (and she hates) flying, there's no reason whatever why she shouldn't
have a boat and he a light aircraft, without there being a danger of either
of them having to sell their toys for asset equalisation purposes.
> What seems unfair to me is the claiming of assets earned prior to the
> marriage by one party from the other.
Fortunately in Scots law there is no presumption that premarital assets
pass into joint ownership.
|
|
|
| Re: Pension funds and separation agreement [message #384873 ] |
Do, 04 Mai 2006 22:45 |
|
Ronald Raygun <no.spam [at] localhost.localdomain> wrote
>Gordon wrote:
>
>> Ronald Raygun <no.spam [at] localhost.localdomain> wrote
>>>
>>>Frankly, I find the whole idea of treating pension pots as part of
>>>divisible matrimonial assets utterly daft. Chances are the ex-wife
>>>will re-marry and thereby acquire more pension entitlement from the
>>>new husband. I think if this happens she should give back to the
>>>old husband the chunk of his pension pot she acquired on divorce.
>>
>> This works both ways! What about if the husband marries again to a
>> wealthy woman, should he still share some of his ex wife's greater
>> pension pot?
>
>Of course he shouldn't.
>
>> I know a number of women who earn more than their husbands.
>
>Indeed. I didn't mean to sound sexist. I was using the terms
>"husband" and "wife" to represent the major (or sole) and minor
>(or non-) earners, not the male and female partners to the
>marriage (though in the majority of cases they do still happen
>to be one and the same).
>
>I foolishly thought that would go without saying.
>[in other words that makes *you*, not me, the sexist :-]
>
You bitch!
--
Gordon Harris
|
|
|
| Re: Pension funds and separation agreement [message #390183 ] |
Do, 18 Mai 2006 12:08 |
|
|
Post removed (X-No-Archive: yes)
|
|
|
