"Two Out of Three Ain't Bad"
The vast majority of the instructions we receive come to us from family lawyers. We also, and are happy to do so, receive instructions directly from the respective parties going through a divorce - many of which have been recommended to contact us via a mediator or financial professional.
The term PODE is not one that I expect a divorcing couple will have been familiar with prior to entering financial discussions on how to deal with their pensions and while for those working with a family law professional will have received an explanation, it is the norm these days for us all to use the power of AI, Google or some other search engine to find out more, seek clarity or get a further opinion. So, I thought I would do just that for the term PODE to see what turned up.
A search on Google in AI mode:
In the context of divorce proceedings in the UK, a PODE stands for Pension on Divorce Expert
- Pensions are often a significant asset in a marriage, and dividing them fairly upon divorce can be incredibly complex.
- A PODE is a specialist financial expert, often an actuary or pension consultant, who provides impartial analysis and advice specifically related to the valuation and division of pensions in family law cases.
- Their role is to assist solicitors, mediators, and the courts in understanding the true value and long-term impact of pension assets, especially when dealing with different types of schemes or when a simple split might not be equitable.
- PODEs provide reports that outline various options for dividing pension benefits (like pension sharing or offsetting) and the potential impact of those options on each party's long-term financial security.
- They do not provide financial advice to either party but rather offer a neutral assessment to help in reaching a fair settlement.
- The Pension Advisory Group (PAG) provides guidance on when a PODE is necessary, generally recommending their involvement in cases where pensions are significant or complex.
- Their expertise is crucial for ensuring that pension assets are properly valued, considering factors like inflation, retirement age, and the complexities of different pension schemes like defined benefit vs. defined contribution plans.
The term PODE can have different meanings depending on the context. Here are a few common interpretations:
1. Planned Order of Development and Execution (in project management or defense)
Used in military or defense contexts.
Describes the sequence in which capabilities or systems will be developed and deployed.
Helps in managing complex programs with multiple components.
2. Polyoxymethylene Dimethyl Ether (in chemistry/fuels)
A class of compounds also known as oxymethylene ethers (OMEs).
Used as clean synthetic fuels, especially in diesel engines, because they produce lower soot emissions.
3. Point of Departure Estimate (in policy or planning)
A starting assumption or estimate used for planning or modeling.
Often found in economic forecasts, climate models, or policy analysis.
4. Podé (in Portuguese)
In informal Brazilian Portuguese, "pode" means "can" or "may" (from the verb poder).
Example: "Ele pode ir." = "He can go."
Asking CoPilot:
A PODE stands for Pension on Divorce Expert. It's a specialist role in family law proceedings in England and Wales, particularly when dealing with the division of pension assets during divorce or the dissolution of a civil partnership.
What Does a PODE Do?
Provides independent analysis of pension assets in divorce cases.
Helps the court and solicitors understand the true value and long-term impact of pensions.
Prepares expert reports to guide fair pension-sharing outcomes.
Compares different types of pensions, such as defined benefit vs. defined contribution schemes.
Why Is a PODE Important?
Pensions can be complex and vary widely in value and benefits.
Cash Equivalent Values (CEVs) don’t always reflect the actual retirement income.
A PODE ensures both parties receive a fair share, especially in needs-based cases where retirement income equality is the goal.
Who Can Be a PODE?
Often actuaries or pension consultants.
No single qualification or professional body governs PODEs.
Must remain impartial and report to the court, not advise either party directly
Top marks go to Google and Copilot. With ChatGPT listing common interpretations, it should come as no surprised that none of the meanings listed match what we do. After all, our work is rather niche with only a relative small number of firms focusing in this area of work.
Increasingly, we rely heavily on the power of AI and other search options and in the context of my quick search, the power ballad from the 1970's sums things up quite nicely. In the words of Meat Loaf "now don't be sad, cause two out of three ain't bad"