stamped consent order what happens now?

Am LIP have finally got Absolute and Consent Order, but what happens now with the pension share.

I was awarded 45% of ex pension. Which to my knowledge confirmation has been sent off to his pension provider to confirm the awarded amount.

So what happens now. Will the pension provider contact me to confirm share and what I need to do with it as I know have to externally transfer it. Or do I have to contact them?

Not sure how to move forward on this, thought it was all over, but obviously more to do to finalise pension.

I have a IFA etc but am waiting for first communication from pension people?

Moon x

Hi,

I would advise you to get in touch with the pension scheme yourself and ask them for their procedures when dealing with an external transfer.

(I assume that the other options for the pension share have been checked and discounted in favour of the external transfer).

To enable the external transfer to be completed, there are a number of hoops for you to go through.

Firstly, you will need to ensure that the Form P1 - pension sharing annex has been completed properly with the correct pension details on it including the chosen destination pension arrangement.

Many schemes will receive this information and merely file it (particularly if any of the information is incorrect).

Secondly, there may be other documentary information that they will require such as your birth certificate and passport details.

Without all of the information they require there is no obligation on the scheme trustees to deal with the pension share.

If the information is correct (and they have all of the information they require) there is an obligation for them to do something - they have four months to implement the share.

Finally, past experience of dealing with pension sharing cases has taught me that at every stage of this transfer you need to be on top of the ceding scheme administrators / trustees to ensure that the timescales are adhered to and their own procedures are followed!

If you need any further assistance on this, please feel free to post again.

Regards

Phil

Please note: Although I am a Resolution Accredited Independent Financial Adviser my comments are given here as general guidance ­­­­­­­­­­­­base­­­­­­­­­­­­d on the (often limited) information available and does not constitute financial advice. They should not be seen as a substitute for detailed financial and legal advice.