Case Study 5 - Pension Sharing #2

Background

  • Mrs D, aged 60, had received a 50% pension share against her ex husband’s Wyeth defined benefit scheme. The trustees were offering shadow membership on a money purchase basis.
  • Mrs D was becoming increasingly concerned as the pension sharing annex (P1) had been rejected by the scheme trustees as being incomplete.
  • She was looking for advice on what to do next having spoken to a number of financial advisers
  • She had a previous pension entitlement from her service with a bank.
  • She may wish to draw benefits earlier than her intended retirement age of 65 to purchase a property.

Concerns

  • Mrs D was unsure why the pension sharing order had been rejected.
  • She was confused about her options and in particular whether the existing scheme, a QROPs or a new arrangement was appropriate for her circumstances.
  • She was returning to the UK from a break abroad and needed everything completing before she went back to work.

What We Did

  • Reviewed all of her options and concluded that she should transfer her 50% pension share to a personal pension arrangement in her own name.
  • Discounted the existing arrangement as the trustees would have had discretion on whether she could retire early or not.
  • Undertook a psychometric risk profile exercise (see www.FinaMetrica.co.uk) to develop a more rounded understanding of her risk tolerance and built her a suitable asset allocated investment strategy in line with this.

The Results

  • Mrs D has a pension entitlement in her own right which she understands with the flexibility to draw benefits as and when she wants without the possible intervention of anyone else.

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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