Case Study 9 - How to reduce pension sharing from £250,000 to £62,500

Background

  • Our client, Mr G approached us to assist with the preparation of his case for final hearing.
  • He had significant deferred pension benefits in a supermarket final salary scheme. Cash Equivalent Transfer Value = £250,000.
  • Mrs G had pension benefits within the Public Sector.

Concerns

  • Mr G was now a member of the supermarket’s group personal pension and understands that it would be very difficult to build up any lost benefits to pension sharing.
  • Mr G was aware his final salary benefits were valuable and wanted to keep as much of it as possible.
  • Mrs G was pushing for a 100% pension sharing order of his final salary benefits.
  • She was unwell and this was a realistic aim given her future earnings capacity.

What We Did

  • We produced a report showing exactly how valuable the pension benefits were to Mr G.
  • In addition, we highlighted how difficult it was for him to build up similar benefits in the group personal pension based on different pension sharing amounts.
  • We also showed the total loss of benefits as on pension sharing the benefits for Mrs G had to be transferred out.

The Results

  • Mr G had a much better understanding of the value of his pension benefits for negotiation purposes.
  • At the final hearing Mrs G was awarded 25% of his pension – £62,500.
  • His solicitor commented “given the facts of the case it was a good result for him. Your work was really helpful as it concentrated his mind on what he could potentially lose and what he would have to then put back into the pension pot.”

What Our Clients Say...

I learned a lot from him about the different pension options available...
“I came across Phil O’Connor of WhiteWell Financial Planning last year whilst browsing Google after I started divorce proceedings and needed some financial advise.

Throughout that time and up to the present – Phil has been incredibly helpful in providing me with information and giving me guidance on certain procedures regarding Pension Sharing Options and setting up a new pension. I learned a lot from him about the different pension options available. He very patiently answered many and varied questions and helped me in taking the right decision – finally! I wouldn’t hesitate in recommending him and his company.”
R.S. - North Wales

Do You Have A Question Related To This Case Study?

Use the form below to ask me anything about this case study. I promise that anything you say will be 100% confidential.

  • Some of our Accreditations & Awards