This week I was shocked to learn that the Hallam pension formula might not be as extinct as I had previously thought. To the uninitiated this is where the amount of the pension share value is placed on the pension sharing order in monetary terms (see image 2 below) or other instances written as “that percentage which will produce £10,000 per annum” rather than the actual percentage to be applied. Much favoured as an approach in the early years of pension sharing this approach I thought had gone the way of the dinosaurs!
Having worked with my client for over 2 years on her pension sharing negotiations we are now finally getting to the implementation stage. It has been a long drawn out affair, her separation and negotiations having gone on for over four years, and her health has suffered. She really needs the income from the pension share and I was delighted for her that after such a long time it was finally coming to fruition.
So you can imagine my dismay when the following pension sharing order dropped through my letterbox.
I thought there would be no chance that this pension sharing order could and would be implemented. But being a diligent lad I rang the pensions department of the pension scheme involved (incidentally, a large multinational company) and to my shock they confirmed that they had received a draft pension sharing order some months ago from the husband’s solicitors in this format.
After taking their own legal advice the pension company confirmed that the corporate lawyers had confirmed that “they saw no reason for the pension scheme not to implement.”
I will keep you posted as I will be amazed if this goes through!
