Posted August 16th, 2012
I was recently contacted by a client who had not implemented their Pension Sharing Order since 2003.
Not only was this a breach of the original order, there were a number of consequences that had occurred since the order was made. These were:
- The Cash Equivalent (CE) was recalculated at £213000 rather than the original £280000.
- Therefore my clients share of the CE was considerably lower, by £67000.
- The reason for this was that her husband had drawn benefits and as a consequence of this she was unable to take any lump sum from the pension.
- As the order was over 7 years old she had no recourse to go back to her solicitor for redress.
Therefore if you have a pension sharing order and are looking to implement it, my advice is to do so immediately. In the case of my client she has lost out on £67000 of CE and 25% pension commencement lump sum of the higher share figure £280000 / 50% (c.£.35,000)
Don’t let this happen to you please get in touch today!
Posted August 4th, 2009
A change is as good as a rest they say, but the credit crunch and market volatility of recent months illustrate just how quickly our economic environment can change. Your personal circumstances can change quickly too – moving house, changing jobs or having children. Sometimes, things just don’t happen quite the way you planned.
Planning for change
Any significant changes in life should always prompt you to reconsider your investments – divorce is no different. A well planned portfolio will toil away on your behalf for years, working towards your objectives and riding out most of what the market can throw at it.
However, when your circumstances change, your needs and objectives can change too – and your portfolio may no longer be able to keep up. Such changes can mean you change your attitude to risk or need to reconsider the use of certain asset classes.
Even if your core investments might remain the same, there could be some higher risk holdings which need to be assessed. Or it could simply be time to take profits and move on to better opportunities.
Helping you meet your needs
A review of your portfolio will not take up a lot of time but every minute could more than pay for itself in money saved – or be put to better use. As independent investment advisers, we can help minimise the time but maximise the opportunity for you.
Here at The Divorce IFA, our portfolio review service is built on years of investment experience and comprehensive knowledge of what this industry can offer you. For more information, call us today on 01204 663904.