Dealing with a pension pot in excess of £1 million
08 April 2011
In this case we acted for the Husband who was a Superintendent in the Police Force. He had a CETV in excess of £1m in respect of his Police Pension. He had been married for 14 years but had been paying into his pension for 28 years, the couple had no children. At the First Directions Appointment the Wife sought an Actuary’s report, which was agreed by us due to the fact that the Husband had completed more than 25 year’s service and therefore the figures for equalising incomes on pension based on what has accrued during the marriage were going to be more favourable to our client than looking at equalisation of CETV’s. At the Financial Dispute Resolution Hearing (FDR) the Wife sought to include the entirety of the Husband’s pension whereas our view was that the premarital contributions should be left out of the equation. We further argued that by equalising incomes in respect of the pension that has accrued during the marriage would produce a fairer outcome and the District Judge agreed. We therefore settled the case at the FDR based on the percentage provided by the Actuary which equalised incomes upon retirement based solely on the pension that accrued during the marriage, the client retained the contributions he had made before he married – he also benefited solely from the contributions he made after the pension share was implemented.