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...

I would not hesitate to recommend Phil O’Connor and his expertise...
“Phil O’Connor has helped me on several occasions, every time I have found him to be extremely knowledgeable and helpful. He has answered all of my questions promptly and if at any time he didn’t know the answer, he found someone who did know, and
he always got back to me promptly.

On a personal level I would like to thank Phil, for making things not seem so daunting, whilst experiencing a very difficult divorce, when feeling overwhelmed Phil put the situation into perspective.
I would not hesitate to recommend Phil O’Connor and his expertise.
Thanks for your help Phil.”
Sharman Webb - Harpenden, Herts

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