3 ways we can help with your Pension Sharing Order
Divorce is a difficult time, with a lot to sort out and even more associated costs. If you’ve been given a Pension Sharing Order, it’s probably not at the top of your to do list right now... but you know it will need to be soon.
What is a Pension Sharing Order?
When dealing with divorce settlements, pension funds and other assets must be considered (Welfare Reform and Pensions Act 1999).
An example of this would be when one spouse has been a stay-at-home parent, and therefore not accumulated their own pension. If the Court awards a Pension Sharing Order they would be entitled to receive an agreed amount from the pension member’s pension fund. The stay-at-home parent would receive a pension credit, which would be taken from their employed spouse’s overall pension pot. If their spouse is a member of more than one pension scheme, they’d be entitled to a percentage from each scheme.
The pension credit is then usually transferred out of the existing scheme into a new one solely in the name of the beneficiary.
We can help you if...
You need to decide on the best place to transfer your pension credit to. There is usually a four-month window in which the Pension Sharing Order needs to be implemented and the transfer completed, but we often advise on them when they have not been acted on for several years.
You’ve been sent a Court Order stamped by the Court, and a pension sharing annex which details exactly what percentage share of whose pension fund you are entitled to. It is not uncommon to have a number of pension sharing orders in relation to a number of your ex-spouse's pension funds - we can implement them all in one go to make life easier.
You want independent advice from a qualified professional, not tied into any specific pension providers, so that you can understand and explore all options available to you for the best possible outcome. Any recommendations we make are based purely on your needs and financial circumstances.
To discuss your Pension Sharing Order and the financial aspects of your divorce with us, get in touch today. Your initial meeting is totally free of charge.
