Before completing the online £25 Actuarial Report form, please ensure you have collected the necessary information in particular, relating to the pension details. You can find most of this information on the quotation supplied by the pensionholder's scheme provider. It is not necessary to contact the pensionholder or their pension scheme as the provider quotation must be included by the pensionholder in Form E before the first appointment during ancillary relief proceedings.
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Title, First name, Last name |
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The person requesting the report; either the member or spouse. |
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Title, First name, Last name, Date of birth, Sex |
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The pensionholder is the member of the pension scheme. |
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Pension
name |
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The name of the defined benefit or final salary scheme that the pensionholder is a member. |
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Start date |
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This is when the member first joined the pension scheme. This should be stated on the quotation and is when employment started or possibly after an initial qualifying period. If you are dealing with the Scottish court, different laws apply and you should enter the date of marriage if this is later. |
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End date |
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If the member is still in service then leave the end date blank, otherwise enter the date of leaving the employer. |
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Pensionable
earnings |
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These are all earnings that apply for pension purposes and usually exclude bonuses and commissions. On the form, enter the latest figure without a currency sign or any commas. |
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Scheme
retirement
age |
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This must be between 50 and 75 years of age and is the earliest age at which the scheme allows a member to retire without applying early retirement penalties. |
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Scheme
benefit level |
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Select one of four scheme types, described as Old Public Sector, New Public Sector, Good Private Sector and Average Private Sector
(click here for details). |
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Pension
valuation
date |
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This is the date used to calculate the benefit value. It could be the date at which the CETV was calculated or normally the date the divorce is expected to be granted for the individuals (decree absolute). |
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Scheme benefit level
This information is not shown on the quotation from the pensionholder's scheme provider so a description of the scheme is included below. The pensions Actuarial Report should only be used where the pension is a Defined Benefit (final salary) scheme. It is normally cost effective where the CETV is greater than £30,000, however, there is no reason why you should not run a valuation on pensions worth less than £30,000, other than the fact that the likely difference in values may not justify the small cost. There are four types of schemes described as follows:
| Old public sector scheme - Generally this is for public service or sector employees who started before 2005. The benefits at retirement are a pension of 1/80th of final salary per year of service, plus a lump sum of 3/80th of final salary per year of service. Maximum pension after 40 years is therefore half of final salary. See old public sector scheme valuations examples |
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| New public sector scheme - Generally this is for public service or sector employees who started after 2005. The benefits at retirement are a pension of 1/60th of final salary per year of service. Taking a lump sum at retirement would require commuting the pension benefit. Maximum pension after 40 years is therefore two-thirds of final salary. See new public sector scheme valuations examples |
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| Good private sector scheme - Generally provided by FTSE100 companies, financial services firms and similar employers. Often these schemes are only available to management and not all the employees are eligible and benefits at retirement are a pension of 1/60th of final salary per year of service. Taking a lump sum at retirement would require commuting the pension benefit. Maximum pension after 40 years is therefore two-thirds of final salary. See good private sector scheme valuations examples |
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Average private sector scheme - Generally provided by other employers, including many smaller firms. The benefits at retirement are a pension of 1/80th of final salary per year of service. Taking a lump sum at retirement would require commuting the pension benefit. Maximum pension after 40 years is therefore two-thirds of final salary. See average private sector scheme valuations examples
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