{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Talking Family Law - The Resolution Podcast","title":"Resolution Podcast S3 Episode #8 | PAG2, Pensions, and a Goodbye to Hilary | w/ Hilary Woodward, Paul Cobley and & Rhys Taylor","html":"","width":"100%","height":180,"duration":3441,"description":"This month we are joined by Hilary Woodward (Honorary Senior Research Fellow with Bristol School of Law), Paul Cobley (Oak Barn Financial Planning) and Rhys Taylor (36 Group) to discuss PAG2: https://www.nuffieldfoundation.org/wp-content/uploads/2023/A-guide-to-the-treatment-of-pensions-on-divorce-2nd-edition.pdf\n \nHilary tells us about the changes in PAG2 and mentions the guide to the changes which is available on the webpage: \nhttps://www.nuffieldfoundation.org/wp-content/uploads/2019/11/The-PAG2-Guide-%E2%80%93-What-Has-Changed-1.pdf\nThe changes include the Divorce, Dissolution and Separation Act 2020, apportionment, short-marriages, lifetime allowance, Galbraith tables, and where there is an age-gap between the parties.\n \nRhys explains the Galbraith tables – which is an attempt to provide the ‘true value’, or ‘market value’ of a defined benefit pension (not defined contribution schemes) for the purpose of divorce other than by use of the CE.  They provide a multiplier according to the person’s age and benefit to use against the income stream for a pension.  PAG2 says they are useful starting point, but remember they are a tool not a rule, which can be used when considering off-setting without the assistance of a PODE.  They have not had high level judicial consideration but they do appear in At A Glance.  Remember the current tables were drafted in early 2022 so just as the war in Ukraine started, and prior to Liz Truss’ terms as Prime Minister so there have been lots of changes in the bond markets since then.  The tables will be updated in the next At A Glance.  Paul reminds us that most of the time we are dealing with deferred pension scheme benefits i.e. where an employee has a pension scheme benefit from a previous employer.  It is therefore really important that you obtain the re-valued income to today’s date and not what the income would have been on date the person left the company before applying the multiplier. \n \nWe discuss off-setting, and that the...","thumbnail_url":"https://img.transistorcdn.com/6KLL2IpaFH3iBShZ7ocYn8lY8fxSACTIJV16OjWXP6U/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzE5Mjc0LzE2MTcy/NzQ4OTQtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}