Pensions
It’s easy to feel confused and put off by the complexities of pension issues in the event of a divorce; there are a myriad of options available. My role is to guide you through the financial side of the divorce process, to help you feel more in control of your financial destiny.
My services have been designed to save you time and money by removing the hassle of dealing with pension companies, trustees and actuaries. My 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.
I have set out the different services offered below:
Services
1.Information gathering
It is vital to gather the correct information to enable a thorough appraisal of your pensions to be undertaken. I will guide you on what is required and when to request it, to avoid extra costs and problems later in the divorce process. Instructing me early in the process will enable you to get on with your life, saving you time and reducing worry, whilst I liaise with the various parties (solicitors, pension providers, trustees and actuaries) on your behalf.
I build up a full and accurate picture of your pension situation allowing me to advise you on the most cost effective approach to your settlement. In addition, as the divorce process can be lengthy, I will advise you on any risks in your pension portfolio and recommend, where appropriate, steps to reduce the potential for future losses and steps to optimise your investment portfolio in line with your aspirations and attitude and tolerance to risk.
2. Options report
By understanding the pension options available, you’ll feel more confident about reaching the settlement you want. My 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;
- Offsetting the value of pension funds against other matrimonial assets
- Earmarking / Pension Attachment – gives one party a claim on a portion of the other party’s pension payout on retirement
- Pension Sharing – splitting the spouse’s pension fund so that the recipient of the share has a pension entitlement personal to them
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 an informed choice.
3. Pension share/Pension Attachment report
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 add to the stress and worry. Don’t let it. I will advise you on the range of pension options available and if necessary the most suitable investment approach. I will 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.
Time spent here will mean that you can look forward to a much better financial future.
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. My 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 retirement to look?
5. Ongoing review service
I find that by building long term relationships with clients I am able to add considerable value; to this end I 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 to your own devices once the divorce has been finalised and you can be assured that ongoing advice and assistance is available when you need it most.
Further information on pensions including the options on divorce – pension offsetting, pension sharing, and pension earmarking are contained in factsheets in the document library.
If you would like a more personal discussion about your circumstances or wish to know more about how I can help you with your pensions and our charges, please contact me – phil@thedivorceifa.co.uk
