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The Impact of Divorce on Pension Provision –
Advice Solutions for Matrimonial Solicitors
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The interaction of pensions and divorce is complex, and despite recent changes in legislation, it continues to pose difficulties in finding a solution to disputes over pension rights. As pension assets have grown in value, the mechanism for dealing with a divorcing couple’s pension and non pension assets has become more significant. |
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PPTC can assist solicitors and their clients when considering pension assets as part of ancillary relief. It is important for you and your client to have a clear understanding of the nature and value of the pension assets of the ex spouse, as well as any associated risks. This should help you make a better informed decision when aiming to achieve a reasonable split of matrimonial assets.
PPTC has many years experience in dealing with a number of complex Pensions and Divorce cases. Both Dylan Jones and Jane Morris hold a number of specialist Pensions exams and have a full understanding of Pensions Law. Should you require, we are happy to attend meetings between solicitors and their clients to discuss the various options available.
The PPTC advice process is designed to be fair to both parties involved and on numerous occasions we have acted as a Joint Pensions Expert on the instruction of both parties solicitors. An outline of our advice process is shown in the following stages:-
Initial Investigation
On receipt of the pension information, as stated on Form E, we can provide an initial investigation, identifying any inconsistencies in the data and highlighting any further information that will be required in order to produce a fair assessment. It is at this stage that we will consider the extent of the work to be completed and provide an estimation of the hours required to produce our full report. It would then be necessary for your client to provide payment on account for a proportion of the estimated fee.
We are always happy to discuss cases prior to formal instruction being received in order to determine whether an investigation is required. It is important that the scheme administrator / product provider supply sufficient information to assist in our investigations. This will involve the calculation of a
Report
Once formal instructions have been received, assuming we have all the required information from the scheme administrators or product providers, we will commence work to provide a full report detailing our recommendation with regards the following:
- Advice on how an equality of income can be achieved – in recent cases, mainly those involving substantial pension assets, settlement has not been a simple split of the
- Advice on the most suitable course of action, i.e. Earmarking, Offset or Pension Sharing. Our report will detail the advantages and disadvantages of the various methods and should assist the solicitor and their client in their understanding of each process.
Financial Services
If a Pension Sharing Order is to be implemented, your client is likely to require advice on whether to retain benefits in the existing arrangement (if permitted) or elect for a transfer of benefits to be made. If a transfer is the only possibility, as is often the case, then we can provide advice with regards the various options available.
The PPTC advice process involves researching the market in order to determine a suitable receiving scheme in respect of a transfer payment, providing suitable investment recommendations and administering the payment of transfer values between arrangements.