Case Study 7 - The Separating Couple

Background

  • Mr & Mrs C were both aged 61, in good health, with three grown up children. Mr C had a British Petroleum pension in payment of £18,000 per annum with provision to Mrs C on death of £15,000 per annum (83%).

Concerns

  • How to provide an adequate split of pension assets which was fair to both sides.
  • No shadow membership available.
  • CETV – poor value to both sides.

What We Did

  • Requested an actuarial report which stated that the share needed to be 63%:37% in Mrs C’s favour to equalise gross pension in payment of £7,000 each.
  • We advised on the clients on their options including the costs of implementing a pension sharing order and the consequences of this approach.

The Results

  • Clients decided not divorce but legally separated.
  • Mr C retained his higher pension.
  • Mrs C retained her 83% benefit on Mr C’s demise.
  • Both would have been short changed by a sharing order.
  • Novel and innovative solution.

What Our Clients Say...

He is very patient and has excellent listening skills...
“I found myself in a complex situation abroad, Phil not only rescued me, he found monies due I had no knowledge of, showing his expertise. He is very patient and has excellent listening skills. When I met him personally, he gave me sound advice, listened to my needs and I am constantly recommending him to people. I can look forward to a more secure retirement because of him.”
Lyndsey Meek

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