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Myopinion
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Joined: 04 Apr 2005
Posts: 10
Cash Points ££ 153.14
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 Posted: Mon Jun 19, 2006 12:30 am Post subject: Whats the entitlement of my Spouse ? |
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Hi,
I am currently in receipt of an occupational pension (age 5 and still working part- time (another job) which does not have a pension.
My wife and I are looking to 'seperate' and want to settle our financial affairs without havign to pay solicitors large sums and courts etc.,.
What I want is for half my annual pension to be paid to my wife, but how will it work, since the pension is taxable and she is a non tax payer ?
Thanks all ! |
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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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| Posted: Mon Jun 19, 2006 12:42 am Post subject: Re: Whats the entitlement of my Spouse ? |
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| Myopinion wrote: | Hi,
I am currently in receipt of an occupational pension (age 5 and still working part- time (another job) which does not have a pension.
My wife and I are looking to 'seperate' and want to settle our financial affairs without havign to pay solicitors large sums and courts etc.
What I want is for half my annual pension to be paid to my wife, but how will it work, since the pension is taxable and she is a non tax payer ?
Thanks all ! |
There are two ways to go about this.
Is through the courts where effectively a pension sharing order would be issued and half your pension fund would be signed over to her in her own name.
The alternative is via Spousal Maintenace, where you would pay X% of your NET pension to her, offcourse the disadvantage is that it is NET. Also if you died the arrangement would cease which is a disadvanatge, on the other hand if she died before you then you would continue to get the whole pension. |
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