A pension where the retirement pot depends on how much has been paid in (by you and/or your employer) and how the investments have grown over time. It's also called a 'money purchase' pension — most modern workplace and personal pensions are this type. The value for divorce purposes is usually the fund value, shown as the Cash Equivalent Transfer Value (CETV). It's simpler to value than a defined benefit pension and usually doesn't need an actuarial report.
In Plain English
A standard pension pot where the final amount depends on how much you and your employer paid in and how the investments grew. Its value for divorce is typically just the total amount of money currently in the pot.
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