It’s the final day of our Divorce Q&A series, and remember if you are a Member and have more in depth questions on this topic, just contact the team
Q. When will the PCM’s pension be paid?
A. At the preserved pension age for your scheme but they may be claimed as early as age 55 at a reduced rate.
Q. How will the Court know how much my pension is worth?
A. The Court must be provided with a statement of the Cash Equivalent Value (CEV) of your pension rights. Applications for this special valuation must be on an AFPS Form 19 and the current cost is £180
Q. My solicitor has told me that a ‘normal’ forecast will do so why should I pay £180?
A. We know that some lawyers do tell their clients that the free CEV is fine for divorce purposes but do bear in mind that if the court refuses to accept it, you will be building in a delay
Q. We are having a ‘friendly’ divorce and I still want my ‘ex’ to receive any lump sums due in the event of my death. Can this still happen?
A. AFPS 75 does not allow you to nominate anyone to receive such lump sums but both AFPS 05 and AFPS 15 do. Your divorce will invalidate any AFPS 05 or AFPS 15 nomination in place when the divorce is finalised – but there is nothing to stop you submitting a fresh AFPS Form 2 naming them as your nominee after that date.
Did you miss the previous questions in this series? – click here to catch up