Posted August 31st, 2010
In my previous blog, I set out a summary of some of the common issues I am asked to help with in relation to the implementing of pension sharing orders. Here I will add some further information on issues surrounding the whereabouts of such orders.
Under the regulations, the court should send the pension sharing annex (form P1) within 7 days of the making of the pension sharing order or of decree absolute (whichever is the later) to the pension scheme involved.
This is immediately where a breakdown in communication can occur because the implementation period will not start until the pension scheme has all of the documentation necessary and received payment of its implementation fee. This documentation will not only include the decree absolute and the pension sharing annex but also birth certificates, and often, where the share is being dealt with by way of an external transfer, details of the new pension arrangement and a trustees indemnity. There can be other requirements.
I am often approached by clients who were not aware that they even had to make a decision on a new pension arrangement. This can hold up the process or even result in the existing scheme deciding upon a default option, which may not be appropriate.
I have even had on one occasion a client pass me a court stamped pension sharing order which had been kept safe in her drawer. It was 4 years old!
So it is important to keep tabs on where your pension sharing order is and who is responsible for making sure the order is implemented in a timely manner.
If this affects you and your pension sharing order has disappeared or you are unsure of what to do next, please contact me on 0800 092 1229 or email firstname.lastname@example.org