Posted December 10th, 2010
Do you know what the default option is when considering pension sharing?
In my previous blog I detailed the difference between an internal transfer and an external transfer. The default option is the underlying option that the pension scheme will implement should the pension credit member not decide how to implement the pension sharing order.
Sometimes, this can be an internal transfer or more often, it is an external transfer to a pension arrangement of the pension scheme / trustees choosing.
So, to avoid having your pension sharing order implemented by someone else or receiving a poor pension by default it is important to check your options first and let the trustees/pension scheme know what you want. It really is a case of taking the bull by the horns!
I keep a check on which pension scheme offers what. If you would like to know more about default options and pension sharing, please contact me on 0800 092 1220 or send me an email – phil@thedivorceifa.co.uk
Tags: Default Option, Default Options and Pension Sharing, external transfer, Implement, Implementing the pension sharing order, internal transfer, Pension Arrangement, Pension Credit, Pension Credit Member, Pension Scheme, Pension Sharing, pension sharing order, Trustees | Posted in Pension Sharing |
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Posted September 3rd, 2010
Once your pension sharing order or pension sharing annex is received by the trustees together with all of the additional documentation (see previous blog – http://bit.ly/azX9do) it is quite normal for the implementation period to start.
Given that it can take up to four months for implementation to be completed it is a good idea to get this started as soon as possible. In my experience, sharing orders either complete in the first month or the fourth!
But often the pension sharing order may be badly worded or incorrectly drafted and this often leads to it being immediately rejected by the pension scheme involved. They will issue a postponement of implementation notice summarising why the pension sharing annex has been rejected and what is required to amend it.
Recent examples of cases I have worked on where the order was rejected (before I got involved!) are:
- The title of the pension scheme was incorrectly stated (Part C- Form P).
- The trustees of the pension scheme were incorrectly stated (Part C – Form P).
- The former names section of the order was incomplete (Part B – Form P).
- The new pension arrangement is not stated (Part F&G – Form P)
Once advice is taken, it can often be a relatively straightforward matter to get the order amended but it does need to then go back to court to be restamped, which can add to the time delays.
If you are considering how to draft your pension sharing order or you require further assistance on a incorrectly drafted pension sharing order, please contact me on 0800 092 1229 or email advice@thedivorceifa.co.uk
Tags: Advice, Badly Worded, Court, Form P, Four Months, Implementation, Implementation Period, Incorrectly Drafted, Pension Arrangement, Pension Scheme, Pension Sharing Annex, pension sharing order, Pension Sharing Orders, Postponement of Implementation Notice, Rejected, Restamped, Trustees | Posted in Pension Sharing |
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