Pension Sharing on Divorce

At Midland Financial Solutions Ltd, we have extensive experience of working closely with Family Lawyers to provide advice around the issues involved in Pension Sharing Orders.

Prior to agreement being reached, we can provide advice regarding the benefits and drawbacks to your client of internal and external Pension Sharing Credits and advise what proportion of pension share should be sought if your objective is to ensure equality of income for each party in retirement. For example, the Cash Equivalent Transfer Values quoted by many Final Salary Pension schemes do not necessarily represent a fair value of the benefits being given up.

If there are a number of different schemes that could be shared, we can provide advice as to whether it might be more suitable to implement a Sharing Order against a particular scheme and also make you aware of any potential pitfalls, such as ensuring that assets held within Self-Administered Pension Schemes are valued fairly.

Once agreement is reached we can provide clients receiving external Pension Sharing Credits with advice regarding a suitable pension plan, for their own particular circumstances, into which they can transfer their share and we make sure that they understand the benefits and features of the plan and any potential drawbacks.

We provide advice regarding suitable investments within their pension and also provide ongoing reviews and valuations (if required) right up to the time they want to take their pension benefits – at which time we will advise them regarding the options available, just as we would for any client thinking of retiring.

For clients losing pension benefits as a result of a Pension Sharing Order, we provide holistic financial planning to help them to rebuild the value of their assets and reassess their financial objectives and goals.

 

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