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 has consistently provided very prompt advice...
“I have worked with Phil on a number of matters involving pensions within Divorce. He has consistently provided very prompt advice which has helped resolve pension orders within the financial settlements.
Mutual clients who have engaged Phil’s services have been impressed with his sensible yet thorough advice and his personable manner.
I would not hesitate to recommend Phil”
Helen Morgan - Matrimonial Solicitor, Mooney Everett

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