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...

Phil is knowledgeable, efficient, pleasant...
“Navigating the intricacies of the pension system during divorce is daunting, but I found the service offered by Phil O’Connor and his team to be exemplary. Phil is knowledgeable, efficient, pleasant and seems really interested in the individual client. Everything proceeded in just the way he had outlined, and what could have been a trying process, was remarkably easy.

I’m not sure that I was either able or willing to undertake the remarkable amounts of paperwork involved in pension sharing, but all of it was handled professional and efficiently on my behalf.

Most of the time, I just had to sign on the dotted line. I wholeheartedly recommend Whitewell Financial Planning Ltd as an invaluable resource for anyone needing assistance with financial planning.”
Mrs Manford

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