Retirement bonds/ AVC's post separation

rebelhead

Registered User
Messages
10
Hi, I am looking for some advice regarding retirement bonds and AVC's post our separation. We are both trying to avoid paying out on a pension order obviously for financial reasons but also we both have DB pensions with should both pay out similar amounts at retirement. We are in the middle of mediation and things seem to be progressing.
Just a bit of background first, as I have said we have both got similar DB pensions but the issue arises from my retirement bonds and AVC's. I have 2 bonds of value of approx. 68K and 30K and an AVC fund which I am still paying into currently approx. 53K. My wife has an AVC fund of approx. 10K which she is still paying into.
I want to split everything equally from our term of marriage and I calculate that I owe my soon to be ex, approx. 50K from these funds at retirement.
So my questions are really,
Is there any way to get this money into my wife's name without getting a pension order?
Could I transfer the 30K bond into her name (and hope she will be happy with that amount)?
Do I wait till retirement when I get my tax free lump sum and give it to her then? I am conscious that my tax free amount at retirement at 1.5 times salary would be 130K. Before separation, my plan was take my max lump sum and anything over put into an ARF.

If something similar has been posted elsewhere, apologies.
Any advice would be greatly appreciated.
 
If you want to transfer “pension assets” as “pension assets” then a Pensions Adjustment Order (POA) is the only route.
Alternatively, you could agree to transfer non-pension assets in lieu as part of your separation agreement (Financial Compensation Order). Either way, good legal advice might be required.
 
Thanks for the reply Conan. That's what I feared. Regarding the second part of you comment, do you mean give her the equivalent of 50K (from my savings) as a payment in lieu of pension. I couldn't afford this but maybe it is something I could give to her over a number of years. If that is what you mean, that is. Thanks again
 
If you don’t want to go down the POA route, then you can reach a financial settlement with non-pension assets. If your ex-spouse wants “security” around such an agreement (one that’s enforceable), then she may want it by way of FCO. But it depends what what you both agree.