Hi. My understanding regarding the implementation of a pension sharing order is that my Pension Company has to act within strick timescales. Are they required to inform me within 21 days of reciept of the order of their charges? To date they have only issued discharge of liability and the amount being transferred.
My question is what penalties would they incur for not issuing me with all the required information (ie within 21 days)... and if they do not tell me their charges... can I get out of paying them?
There are strict timescales -
As I understand it they can't charge you for pension sharing unless they have already warned you they will and told you what the charges will be
I believe if they haven't told you by the time the Pension Sharing Order is issued by the court they can't make a charge.
In my case they said in Form P the Pension Inquiry Form completed by the pension scheme that they wouldn't make any charge.
Have you told the pension scheme where you want your share to go?
Out of interest was it a final salary scheme?
I've looked at my copy of the Pension Sharing Annex that had to be sent to court before they could issue the pension sharing order.
It says the charges must be apportioned according to the share we each got - that spooked me a bit at the time - but then I read Form P and it said no charges would be made - did you get Form P?
(2) The requirements mentioned in paragraph (1) are that the person responsible for a
pension arrangement shall, before a pension sharing order or provision is made—
(a) inform the member or his spouse, as the case may be, in writing of his intention to
recover costs incurred in connection with any of the matters specified in subparagraph
(a), (b) or (c) of paragraph (1); and
(b) provide the member or his spouse, as the case may be, with a written schedule of
charges in accordance with paragraphs (3) and (4) in respect of those matters specified
in sub-paragraph (a) or (c) of paragraph (1) for which a charge may be recoverable.
(3) No charge shall be recoverable in respect of any of the items mentioned in paragraph (4)
unless the person responsible for a pension arrangement has specified in the written schedule of
charges mentioned in paragraph (2)(b) that a charge may be recoverable in respect of that item.
Hi. Thanks for your comment. All documents are in place ie Pension sharing order and p1 annex. The ageed % is coming from my COMPs fund and being transfered to my xwifes fund. My issue is that the pension administrators have only told me of "notice of discharge of liability" has been issued and told me of the amout to be transfered. However, i undersatnd that they have to tell me with in 21days of charges and other info.
Thanks. I think i understand . So... given that they have only given me written notification of discharge of liability and the transfer value... they have not complied with the requirement to tell me of their costs? So... when they ask for them i should dispute them? As they have been in reciept of the order since 18th Dec 07