Income Equalisation without Actuary (External Transfer)
I need a pension income equal to my husband after divorce but am being forced to buy a pension myself.
- Mrs Finn is aged 62.
- She has State and other pensions totalling £6,552 already in payment.
- Mr Finn receives State pension of £6,876 and a company pension of £23,643 gross.
- Mrs Finn wishes to receive the same income as her husband after divorce.
- Terms of divorce are verified with the company pension of Mr Finn.
- External transfer is confirmed as compulsory.
- Scrutton Bland undertake income equalisation calculations (without needing an actuary).
- The Pension Sharing Order percentage is calculated using appropriate current market pension (annuity) rates.
- Consent Order and Pension Annex are stamped by Court and copies passed to us.
- Scrutton Bland advise Mrs Finn of most suitable pension to transfer funds to.
- Scrutton Bland to implement the transfer and set up new pension plan for Mrs Finn.
Benefits from advice given:
- Calculations made impartially without bias to either party.
- Fair and equal income division achieved (see overleaf).
- Reasons for uneven percentage PSO more readily understood and accepted.
- Implementation is undertaken with the assistance of Scrutton Bland to ensure Mrs Finn received the pension due.
- Mrs Finn achieves a clean break and financial independence.
- Advice is obtained from a Resolution accredited specialist adviser.
- State pension “substitution” is undertaken via Scrutton Bland.
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This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.