Case Study 4 - Pension Sharing

Background

  • Mrs C, aged 58, had been granted a 25% pension share in relation to her ex husband’s British Aerospace Pension Scheme benefit which was already in payment.7
  • Mrs C was a member of the Merseyside Pension Fund, part of the Local Government Pension Scheme and wondered whether this should be the destination for her pension credit.
  • She was extremely risk adverse and likely to retire at age 65.

Concerns

  • Mrs C was unsure of how to deal with the pension share on divorce.
  • She was concerned about her options, what benefits she was entitled to and where the pension credit should be placed.
  • If the pension had to be transferred to a individual pension how should this be invested.

What We Did

  • Provided a comprehensive overview of the options on divorce, explained why some options were not available to her and discounted others as inappropriate.
  • Advised her to transfer her 25% pension share to a personal pension arrangement in her own name having discounted the other options.
  • Undertook a psychometric risk profile exercise (see www.FinaMetrica.co.uk) to develop a more rounded understanding of her risk tolerance and built a suitable asset allocated investment strategy.

The Results

  • Mrs C has a pension entitlement in her own right with the flexibility to draw benefits as and when she wants.
  • She has a full understanding of the risks in her pension and what benefits she will be entitled to at retirement.

What Our Clients Say...

They rose to the occasion...
“I would like to take this opportunity to thank all the team at Whitewell Financial Planning especially Mr Phil O’Connor for their caring and considerate expertise in providing me with valuable financial planning assistance and guidance for my future pension. They rose to the occasion when there were problems relating to a Pension sharing order. They did their utmost to assist and resolve the problems expeditiously and they worked tirelessly to make sure that the problem and or any delays were minimised and as a result they assisted me greatly.

From the first moment that I approached the company to the conclusion of my dealings with them I found them to be faultless and would rank them highly for their professionalism and efficiency and would have no hesitation in recommending the company to anybody who wants a straight forward conclusion of their Pension worries and future security.”
Elizabeth Malialis - London

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