My wife and I have recently reached a proposed Pension share Order to achieve a 50/50 split.
My solicitor recommended that an Actuary was employed in order to calculate the estimated annual Pension from our variious Pension Funds at age 60 and 65.
I since discovered an error in the Actuary report which gave an over estimation of the likely annual Pension I would receive from a former Emploer at age 60 which is later this year, and also at 65 if I delayed my Pension withdrawal for five years.
The Pension was that from a former Civil service Employment where I worked for seven years before I was married and was over 30 years ago.
When the Actuary report was produced in January I was pleasantly surprised by how much the Pension would provide me at 60.
However it was a lot more than I expected, having received regular annual statements from the former employer of which both the Actuary and my solicitor had acces to. I did question this with my solicitor but he assured me that he had read the report and was satisfied with the annual projections. I had my doubts but could only accept his expertise in this matter. I am no expert on Pensions.
As it happens my former employer has just written to me advising that my annual Pension at 60 later this year will be £1700 per year.
The Actuary report had estimated £5,000 per year.
I have now queried this with the Actuary who has replied stating that they have little knowledge of this particular type of Pension but agreed that there was a discrepancy and they would provide a new report free of charge.
Well the reality is that if I had been a year younger, this would not have come to light for about six months after the Consent Order had been agreed and signed.
In the meantime I would have unnecessarily transferred about £60k from the Cash Equivalent of my other Pension Funds to my wife.
Fortunately, pending the new report from the Actuary, it is likely I will save that amount for myself and the Pensions will still be shared 50/50.
All this has delayed the Consent Order along with other matters, which is costing me and is to my detriment.
I consider this a very serious error and negligence.
Would I be justified in refusing to pay my solicitor for their extra costs in reviewing the revised Actuary report and re-producing an amended Pension Share Order, and of course all the emails and phones calls I have made to them querying this matter.
In fact I have lost confidence in the entire Actuary report and should perhaps suggest it is carried out by another firm at no cost to either myself or my wife?
I would welcome your comments.