Pension Sharing – 10 years of bedlam
Jul 27, 2016
I’ve been an IFA for twelve years and for the last ten I have been implementing pension sharing orders.
It hasn’t been dull.
From the lady in 2012 who reached down into the bottom drawer of her bureau to pass me a “ready to go” but unimplemented annex dated from 2004, questioning whether it was an important document, to this week when two pension companies took completely different stances on the same issue.
The companies in question, two household names, were deciding whether to implement separate pension sharing orderswhere there was not a % in box C but a value instead.
Now I thought those days had passed and after no deliberation whatsoever, one agreed with me and rejected the annex. But you could have knocked me down with a feather when the other agreed to it when approached by the husband’s solicitor!
Out came the text books just to check I wasn’t going mad (you know it’s not good when the old ones come out) but the second scheme was adamant. Having taken legal advice, they agreed to implement based on a value and not a percentage.
The case itself has been a nightmare and I really hope that now the agreement’s been made, let’s hope that the lady receiving the PSO gets some closure.
Imagine a world where there was a standard set of implementation charges and procedures. That would be like Christmas wouldn’t it?
Ps I still think they will reject it but let’s wait and see…
Meet The Author
The Divorce IFA is Phil O'Connor, a Resolution Accredited Independent Financial Adviser helping clients make better, more informed financial decisions on divorce.