How divorce or the dissolution of a civil partnership can affect my pension
If you have decided or are considering divorce or the dissolution of a civil partnership the Local Government Pension Scheme (LGPS) website, contains details and explanations of all the options that are available to you and your partner.
The provision of information upon divorce is one of the few areas for which we make a charge for our services. A list of a charges and the circumstances in which they will be made are as follows,
Prior to the receipt of a sharing order
There will be no charge to the scheme member for:
- the provision of basic scheme information to you, your solicitor or the Courts
- providing details of the Cash Equivalent Value of pension rights to you, your solicitor or the Courts
Upon receipt of a pension sharing order
If a Court Order to share pension rights is received, a one-off payment of £350.00 + VAT must be paid by the ex-spouse of the scheme member before it is implemented. The fee is made up as follows:
- £150.00 + VAT for revaluing the pension rights at the valuation date and for establishing the pension credit/debit;
- £50.00 + VAT for servicing the ex-spouse's entitlement during the period of deferment;
- £150.00 + VAT for processing future payments
Method of payment
SYPA must be in receipt of the fee before any order is implemented. This can be accomplished by either of the following methods:
- By a payment of £350.00 + VAT (cheque made payable to South Yorkshire Pensions Authority), or
- By a reduction in the pension credit awarded to the ex-spouse corresponding to a reduction of £350 + VAT in the cash equivalent value of the pension rights awarded to the ex-spouse by the Courts.
The ex-spouse should notify SYPA of the intended or preferred method as soon possible after a splitting/sharing order has been issued.
Pension credit members
If you are the recipient of a Pension Credit following a divorce or dissolution of civil partnership and want to know more about this type of benefit please download our pension sharing booklet which contains information about when benefits come into payment and other options you need to be aware of. Alternatively please visit the LGPS website.