Insights
What is a Pension Sharing Order and how do I get one?
If you intend to split or offset a pension with your soon-to-be-ex you need a Pension Sharing Order (PSO). It ensures pensions are split fairly and provides instructions to the pension providers. Here’s how to get one…
What is a PODE?
A PODE (Pensions on Divorce Expert) is a neutral pension specialist who helps ensure pensions are divided fairly during divorce. They are most often instructed jointly by both parties or their solicitors to give expert insight into the pension aspect of a financial settlement. They ensure that…
What is a Single Joint Expert (SJE) and why should you care?
A Single Joint Expert or SJE’s is an impartial expert who works for both parties during a divorce (regardless of who initially engages them). PODE’s typically take the role of SJE. This means that they’re legally and ethically bound to impartially work out the fairest way to split your pensions. This is important because…
Do I really need a PODE?
Many couples assume that pensions are too complex or not worth the hassle. Some even agree to “just keep our own” without understanding the long-term impact. But here’s the truth: splitting assets without a PODE report can be immensely costly in a number of ways…
What happens when you work with a PODE? A step-by-step guide:
Pensions can be the trickiest part of a divorce. They’re complex, full of jargon, and often undervalued. That’s where a Pensions on Divorce Expert (PODE) steps in - to make sure things are done fairly and clearly. But what actually happens when you instruct a PODE? Here’s what to expect, step by step…
Why do I need a Full PODE report?
A Full PODE report is needed to deal with sharing pensions on divorce when there is at least one defined benefit pension. These are complex pensions and figuring out how to share them on divorce is a big job requiring expert analysis and specialised tools. Not having one could mean…
Why do I need a PODE Lite report?
Not every divorce needs a full complex PODE report. But if your marital assets include pensions you will end up with a fairer settlement, with better long term outcomes for both parties, if you have expert input. A PODE Lite report is designed for less complex cases. When you don’t need a full PODE report but do still need expert guidance and without it…
How long does it take to get a PODE report?
One of the first questions we’re asked is, “How long will this take?” The short answer: it depends. Time scales vary hugely depending on the type and number of pensions involved, the completeness of the information you already have and (the most significant variable) how quickly pension providers respond to our requests. In real terms it can vary from…
Needs or Sharing? Understanding How Courts Divide Pensions on Divorce
When you’re going through a divorce, you might be asked: “Is this a needs case or a sharing case?” If that question leaves you feeling baffled - you’re not alone. It’s a legal distinction, but it matters a lot when it comes to what you might get from your soon-to-be- ex’s pension, or what you might have to give. Here’s how to work it out…
What if I don’t get a PODE report?
Skipping the PODE (Pensions on Divorce Expert) might be tempting but it can be a costly mistake. Without any kind of PODE report you risk unfairness, financial struggle and even legal action post divorce. Getting expert PODE input now will provide financial and legal protection and peace of mind, not just today, but for…
What is a Cash Equivalent Value (CEV) and Why Does it Matter?
The CEV is the amount your pension provider says your pension is worth today - if you were to move it somewhere else. It’s not the monthly income you’ll receive in the future. It’s a lump sum value. A present-day estimate of future benefits. This number is often used to help divide pensions fairly during a divorce. But it’s not that simple…
Who are PAG and why should I care?
The Pension Advisory Group (PAG) is a UK-based organisation that focuses on providing guidance and best practices related to pensions in the context of divorce and separation. Their primary role is to…