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How can a CETV be calculated given that if I died the pension stops? Why should my wife be entitled to a share of a pension which I may never receive?
I would like to know how a CETV can possibly be calculated given that if I died the pension stops. How can my spouse get her hands on money I don't have, have not yet received and may never receive. I understand that people are entitled to anything within a period of marriage but how can they get stuff that happens after. Should I live thirty more years the CETV is £155,000 why is this? Pension is ex forces and is in payment. I don't see this as an asset. If I can't even get my hands on it how can she have some of its value up front? I earned it and she has benefited from it for the last six years as it pays the mortgage. I do not understand.
Any pension not already in payment is regarded as an asset because it has a cash value, in the case of a pension the value is calculated on the basisi of its cash equivalent transfer value by the pension provider and the value at any one time depends mainly on the level of your pension contributions over a period of time. Your wife may or may not be entitled to a claim on your pension depending on a variety of factors e.g. whether she has her own pension provision, the length of the marriage, what other assets there are etc. If she was entitled to any of it, it would be calculated as a percentage share of its current value and that amount would usually be transferred by the pension company into a pension of her own choice. Obviously, she would not receive it until her own retirement, but would get it even if you were to die before her, as it would become hers as of right.
A pension in payment now is not an asset, but is viewed as income. Your wife may or may not have a claim for maintenance depending on the length of marriage, what her own income is and, indeed, whether you can afford to pay any maintenance once you have paid the mortgage and any other essential outgoings.
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