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Income Equalisation without Actuary (External Transfer)

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.

Client Circumstances:

  • 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.

Recommended Solutions:

  • 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.

Equalisation of Pensions

Income Equalisation without Actuary
(External Transfer)

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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.

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