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Articles
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Written by The Forest
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Thursday, 26 August 2010 13:24 |
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Pensions & Divorce
When considering the division of assets in divorce proceedings, the first thing most people think of is the former matrimonial home but the pension of either or both parties is generally the second most valuable asset and the division of such asset requires special and separate consideration.
Quite often one party, usually the husband, may have acquired quite substantial pension benefits for his future retirement, whilst the other party may have very little or none because he or she has not worked whilst looking after the children. That party is entitled to a share of the other’s pension as part of any financial settlement in divorce proceedings.
As in all matrimonial cases, the Courts apply the same principles in determining how assets are divided having regard to the needs of the children and the parties, income and earning capacity of the parties, standard of living enjoyed by the family, the ages of the parties and the length of marriage, any physical or mental disability and the contributions each have made by looking after the home or caring for the family. In very rare and extreme cases the conduct of each party may be taken into account. In addition to this, the value of any benefit each party may lose by reason of the breakdown of the marriage is also taken into account and this obviously includes future pensions.
For a long time the Courts have been able to take pensions into account when determining the division of matrimonial assets but in recent years the powers have been extended and there are now three options available:
“Off setting” this involves the transfer of other assets in return for not making a claim or reducing the claim against the other party’s pension, for example by taking a greater share of the former matrimonial home.
“Ear marking” the Court can make an order directing a percentage of the future pension benefits to be paid to the other party.
“Pension Sharing” the Court can order that a percentage of a pension be split so that the husband and wife can have their own separate pensions.
In deciding how a pension is divided or what percentage the other party may be entitled to, the figure that is often taken is the “cash equivalent transfer value”. This is value that the pension would have if it were transferred to another scheme. It is not a cash sum or something that can be converted into cash but is something that can be used to buy a pension for a given amount of money at some time in the future. If this transfer value is being used for off setting against the value of other assets, like the former matrimonial home, then the Courts will often discount the amount of the transfer value because its benefit is not available until some time in the future.
Other factors are also taken into account in determining the share of a pension including the ages of the parties, their proximity to retirement and the extent of pension contributions made during the marriage. Often expert evidence or advice is required from a pension actuary in order to calculate the share of the pension the other party should receive so that they both get the same benefits in the future. Special consideration also has to be given to certain types of pension, for example police or armed forces pensions.
This is only a summary of the pensions position in divorce and in practice it can be more involved or complicated. It is therefore important that expert legal advice is taken on this very important aspect of financial settlement in divorce proceedings.
Andrew Prusinski
Prusinski Solicitors, Unit 13, The Office Village, Loughborough, Leics LE11 1QJ
Tel: 01509 233622 email:
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Written by The Forest
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Thursday, 26 August 2010 13:24 |
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World Champion’s Rise To V8 Victory
World champion V8 Hotstox racer Chris Bracher has taken his foot off the gas with return to work at used car dealer Bond Street Select, in Anstey.
The workshop foreman beat 30 first class drivers from as far afield as New Zealand in the world championship event at Buxton Derbyshire, run in conjunction with the F1 V8 semi-finals.
Tipped as one of the favourites, Chris, aged 26, from Sileby, drove a fast and furious race, outstripping opponents in this tough, but exhilarating motor sport, which is currently gaining a new following in the BBC TV documentary Tears and Fears.
Chris qualified second on the grid, but after a chaotic first lap, the race was black-flagged and restarted. He then began in pole position and drove cleanly through the field, warding off repeated challenges from the following cars, to win the 25-lap race by six car lengths.
Chris began driving at 13, encouraged by his father, Dougie and has progressed through the ranks from junior mini stocks, to Hotstox, eight years ago. Having worked at Bond Street Select for four years, Chris has excellent support from both work mates and management, but says he is not yet planning a jump to Formula 1, as he races purely for enjoyment.
Having qualified for a trip to New Zealand to race in their National final Chris is now aiming to get his car back in business for the British Championships at Belle Vue Manchester in September, where he will be a hot favourite.
“I am looking forward to the next event and am grateful for the ongoing support. I will give it my all.”
Bond Street Group Managing Director David Barre adds: All the staff and directors at Bond Street Select are very supportive of Chris and his racing. We’re very proud to have a world champion in our midst. |
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Written by The Forest
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Thursday, 26 August 2010 13:23 |
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Happy Landings At Quorn
RAF Chinook Helicopter Drops In For Veterans Weekend
There’s a very unusual visitor dropping into Quorn and Woodhouse station at the Great Central Railway on the 18th and 19th of September. A Chinook helicopter will be touching down as part of a special event to salute service veterans.
Guests of honour will be the aircraft’s RAF crew who have recently seen service in Afghanistan. They will be with the helicopter for the whole weekend, ready to give visitors a guided tour of the machine.
The weekend, dubbed ‘Get Some In’ specifically recalls the National Service era but recognises the contribution and sacrifices made by all serving and veteran members of the UK’s armed forces.
Coming into effect on January 1st 1949, the National Service Act of 1947 was designed to meet Britain’s post war military manpower needs and made every male British subject aged 17 to 26 liable to serve in the Armed Forces for a period of 12 months; later extended to 2 years. National Service personnel subsequently saw service around the world in such places as Malaya, Korea, Egypt, Cyprus, Germany and Kenya. Over 400 National Service personnel died in the service of their country.
“The presence of this RAF Chinook will make this a very special weekend and provide a tangible link between the service men and women of the past and the present day” commented GCR president Bill Ford, “it will be a highly appropriate centrepiece for our annual veterans salute weekend and we look forward to welcoming aviation enthusiast for the weekend for a tour of this remarkable machine.”
To reflect the national service theme the railway has invited 1950s / 60s period vehicles and re-enactors in period clothing.
The helicopter will arrive on the Friday before the event and depart shortly afterward and its appearance at the event will help raise money for the RAF benevolent fund.
Meanwhile veterans of all services bringing appropriate identification will be recognised at the event and will be given free train travel, while anyone travelling with them can travel at a reduced rate.
Further details are available at www.gcrailway.co.uk |
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Written by The Forest
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Friday, 25 June 2010 10:25 |
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Join the Band...
Loughborough Concert Band has had a busy Summer season and luckily the weather held out for most of its performances. Once again there has been a mix of events and venues including the Loughborough Lions May Fair and entertaining visitors to The Midsummer Great Escape at Prestwold Hall as well as our more regular performances in the bandstand at Queens Park and at Barrow on Soar Parish Church. A more formal concert was held at St Botolph’s Church in Shepshed where the band combined with the primary school choir for a very successful evening including a joint piece, a Gospel Medley, specially arranged for the band by Musical Director Dave Coble. An encore of “Amarillo” saw the children marching around the church reminiscent of Peter Kay’s music video bringing the event to a happy close.
Loughborough Concert band is proud of its community and charitable work and both feature in the Band’s programme over the next few months. It gives a regular performance at the main Remembrance Day parade in Queens Park playing while the public arrive for the service and again afterwards and then in December at the annual performance in the Carillon Court shopping centre, all money donated goes to charity. For 2010 the nominated charity is LOROS. There will also be an Autumn concert and the band usually performs at several events over the Christmas period.
The band is currently looking to recruit new players of woodwind and brass instruments, in particular trumpet and tuba players although vacancies exist for most instrumentalists. Rehearsals are on Thursday evenings at the Greenfields Sports and Social Club on Holt Drive. Membership is open to anyone, with no minimum standard required, and our members range from teenager to 70 plus.
Anyone interested in joining the band should check the website for more information at:
www.loughboroughconcertband.co.uk or contact Denise Potter on 01509 556516.
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Last Updated on Thursday, 26 August 2010 13:00 |
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Written by The Forest
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Friday, 25 June 2010 10:22 |
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Operation Christmas Child
Woodhouse Eaves Methodist Church will again be part of the international charity Operation Christmas Child for the third year. Each year hundreds of thousands of shoeboxes from the UK are sent overseas to children who may never get a gift otherwise. Again Woodhouse Eaves Methodist Church will be a ‘drop off’ point for boxes. If you want to send ‘Love in a Box’ to a child then please get involved. It is simple. You just fill a shoebox with small gifts that a child would like. There is clear guidance and leaflets available or look on the “Operation Christmas Child’ website. On September 5th as part of our 10.30 morning worship we will launch this appeal. On November 7th before leaving the UK our boxes will be blessed as part of ‘Shoebox Celebration”, again at our morning service. Please ring 01509 890721 for more information or leaflets for yourself, your family, school, club or society. Thank You.
Historic Churches “Ride and Stride’
As part of this initiative, on September 11th Woodhouse Eaves Methodist Church will be open from 10 -12.30 offering coffee, cream teas and cakes plus other stalls to those who are out riding, striding or having a pleasant stroll in our beautiful village. Please call in and join us.
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Last Updated on Thursday, 26 August 2010 13:01 |
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