Information that is required in order to to implement a pension sharing order
by Peter Slegg
<b id="internal-source-marker_0.8647622196003795"> Information and fees needed by the trustee
Before a Pension Sharing Order can be implemented, the Trustee may require all of the following key pieces of information.
It is important to be aware that pensions are established under trust, which means that they have a very specific set of rules and laws that will apply to them.
Pensions also receive extremely favourable tax treatment, that means without the proper process, required groundwork and approval from the court, it is not possible to simply move money between people's pension. Pension transactions are often irrevocable. This implies that once completed, they can't be undone so appropriate financial and legal help ought to be sought to be certain that this process has been completed properly.
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1. All of the names by which our member and our member's spouse or civil partner have been known.
2. The birth date address and NI number of our member and our member's spouse/civil partner.
3. The name and address of the authorised pension arrangement to that the pension credit should be transferred (the receiving arrangement), along with the new provider's Application Document.
4. The name, title, business telephone number, business fax number and e-mail of a person who may be made contact with at the receiving arrangement regarding the discharge of the pension credit.
5. The new provider's bank details: name, address, sort code, account number and reference (if any) to which the pension credit is payable.
6. Confirmation from the new provider that it will accept the pension credit.
7. The membership number/policy number in the receiving arrangement for our member's spouse/civil partner.
8. Payment of any administration costs. These charges can often be in excess of £2,000
9. The Original Pension Sharing Order, Consent Order and Pension Sharing Annex. If it is a Scottish Divorce, the Original Minute of Agreement will also be needed.
10. The Original Decree Absolute.
11. Our member's ORIGINAL Birth Certificate.
When a married couple divorce or a civil partnership is dissolved, the monetary assets of both parties are taken into account by the court. The purpose is to make certain that the assets are split between the parties in line with the conditions of the divorce.
After your house, your pension could possibly be the largest financial asset you have. So it's crucial to understand the effect that a divorce may have on your pension benefits. </b>
Information thanks to Advisor Hub. If you want to know lots more about the topic of '<a href="http://www.divorceandpension.com/divorceandpension.html">divorce and pension</a>' or require help with your <a href="http://www.divorceandpension.com/pensionsharing.html">pension valuation</a> it's a good idea to request advice from a qualified pensions adviser.
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