Pensions
When dealing with pensions on divorce you have three options to consider:
You can find more information on our approach to pensions and divorce and how we can help you here
How we can help you?
It’s easy to feel confused and put off by the complexities of the pension on divorce issues there are a myriad of options available. Our role is to guide you through the language, the issues and to provide you with enough information so that you can make informed decisions.
Our services have been designed to save you time and money by removing the hassle of dealing with pension companies, trustees and actuaries. Our comprehensive advice and recommendation reports will provide you with peace of mind and security, knowing that the decisions you have taken have been based on sound financial planning and advice.
Our ongoing review services will enable you to understand your pension future better, or rebuild what has been lost and ensure the financial future you desire.
Our services for you
1.Information gathering
It is vital to gather the correct information to enable a thorough appraisal of your pensions to be undertaken. We can guide you on what is required and when to request it, to avoid extra costs and problems later in the divorce process. Instructing us early in the process will enable you to get on with your life, saving you time and reducing worry, whilst we liaise with the various parties (solicitors, pension providers, trustees and actuaries) on your behalf.
We will build up a full and accurate picture of both your pension situations allowing us to advise you on the most cost effective approach to your settlement. In addition, as the divorce process can be lengthy, we can advise you on any risks in your pension portfolio and recommend, where appropriate, steps to reduce the potential for future losses.
2. Options report
By understanding the pension options available, you’ll feel more confident about reaching the settlement you want. Our reports are written in plain English and will guide you on the suitability of each option based on your individual circumstances. There are broadly three options to deal with pensions in the event of divorce;
- Pension Sharing – splitting the spouse’s pension fund so that the recipient of the share has a pension entitlement personal to them
- Pension Offsetting – the value of pension funds against other matrimonial assets.
- Pension Attachment / Pension Earmarking – gives one party a claim on a portion of the other party’s pension payout on retirement.
Often we use an Actuary to assess the options and then present a plain English interpretation of their technical calculations and assessments to enable you to make informed decisions.
3. Implementation of pension sharing orders / attachment orders
Once your divorce settlement has been agreed you may need support and advice on how to implement the pension sharing order/pension attachment order from the court. This decision usually needs to be made just as you are finalising your divorce and can often add to the stress and worry.
Please don’t let it. We will advise you on the range of pension options available and if necessary the most suitable investment approach. We will again act as the conduit between you, your solicitor and the pension trustees or pension company to help ensure that the court order is implemented in a timely manner.
4. Pension rebuild report
Many divorcees are worried about their future retirement income; perhaps you’ve had a pension debit placed against your pension and are unsure of the merits of pensions… or even whether you should bother.
Our rebuild report will give you the confidence to know what needs to be done to put your retirement plans back on track. How do you want your future retirement to look?
5. Ongoing review service
We often find that by building long term relationships with clients we are able to add considerable value over time; to this end we have developed a range of ongoing review services which will give you the confidence that your pensions and finances are on track.
Based around an annual review process, these regular meetings ensure that you are not left without support once the divorce has been finalised and you can be assured that ongoing advice and assistance is available when you need it most.
