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 P1).
- The trustees of the pension scheme were incorrectly stated (Part C – Form P1).
- The former names section of the order was incomplete (Part B – Form P1).
- The new pension arrangement is not stated (Part F&G – Form P1)
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 email@example.com