The splitting of assets for those AFPS Members undergoing Divorce or Dissolution can be a nightmare. To allow a fair financial agreement, all assets and liabilities have to be declared by both parties. The Armed Forces Pension is just one asset built up and it may or may not be necessary to share this pension, depending on what other assets may be shared or offset.
If the pension might be shared, there is a process to go through. A snapshot value of the pension must be obtained from Veterans UK. This is called a Cash Equivalent Value (CEV) for Divorce Purposes. There is a cost of £180 to the AFPS Member for this. Forms can be downloaded at CEV Divorce Form. In some circumstances it might be suitable to use your annual free valuation. However you should ensure your Solicitor has a good understanding of AFPS in order to determine if this is appropriate in your case as if the Court refuses to use the free less detailed one, it may incur delays and extra costs to the Divorce process. The Ministry Of Defence guide to Pension Sharing can be found at: AFPS -MMP131
Further information on the sharing options can be found in an article written by one of our industry partners, Bryan Scant, an Associate Family Law Solicitor at Coffin Mew in Portsmouth & Southampton. Pension Sharing Options on Divorce
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