The Pensions and Lifetime Savings Association (PLSA) have produced a helpful roadmap for the Pension Sharing on Divorce process and a decision tree that provides guidance to pension trustees as to when implementation costs ought to arise.
The flowchart is based on the journey of a pension sharing order against a typical occupational pension scheme and follows the path from obtaining a CEV quotation through the queries around whether or not the pension is in payment or there is a need for an accelerated procedure, right through to implementation.
It offers useful guidance, not only for pension administrators but also those of whose job it is to provide clients with a realistic expectation of the costs that might arise in the pension sharing process.
This does not in any way replace the need for clear and definitive advice from pension trustees around the charging structure specific to the client’s scheme membership, however it will hopefully provide some additional awareness of the variables that determine the likely approach taken, perhaps influencing their client’s decision making process around some of these key questions along the way.
The flowchart is included in the Pension Sharing on Divorce guide produce by the Pensions and Lifetime Savings Association, which is due to apply from 2 January 2024.
If you would like help and support please contact our specialist Family team who will be happy to help.