Almost invariably, when consulting a family divorce lawyer, you will be told that pension sharing may be an option in your financial settlement. You will asked to obtain the capital value of your pension fund which may be a private pension, a company pension scheme or public sector pension.
What can be forgotten is that the capital value of a State Second Pension (S2P), also called an Additional State Pension should be obtained. It has, in my experience, been overlooked by lawyers who should know better. If a spouse has not contracted out of the old style SERPS scheme and put their NI contributions into a private, personal pension then the value of the State Second Pension may be very tidy indeed. Especially someone who may have had a working life of 30 plus years on a full-time basis. This fund can also be split or at least taken into account when dealing with other capital assets in a marriage.
Well, after the recent delays in obtaining pension capital values for public sector pensions, I am now receiving letters from the Pension Service telling me that computer upgrades are going to cause a delay in the production of the information needed for the State Second Pension valuation.
Unfortunately, the letters do not tell me or my clients how long we may have to wait.
If anyone from the Pensions Service happens to read this blog post please feel free to let me know if you have any idea how long the delay will be. And don’t say it’s like a piece of string…