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Pension Sharing Order

  • ghosthunter
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17 May 10 #204304 by ghosthunter
Topic started by ghosthunter
Have a penson sharing order but the pension is "intact" as it was one of 2 pots from the ex. Don't know type of pension as his workplace are not very helpful. Am having to pay 2.5K to Scottish Widows for Admin but don't know what i'm paying for and workplace are now saying i have to go through them and Widows won't deal with me directly. Do I have any rights here as it doesn't feel like my pension at the moment. Do I have any control, if moveable, do i have the right to move it. Workplace say I will be a quasi-member, what of i'm not sure, but need to know if they're correct or if I should start stamping my foot.

Any help would be appreciated.

J

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18 May 10 #204493 by maggie
Reply from maggie
Have you got your Consent Order ordering pension sharing and your Decree Absolute - the court will only issue a Pension Sharing Order to a pension scheme if the Decree Absolute has been granted by the court.
If so:
Have you completed the Pension Sharing Annex so the the court can issue the Pension Sharing Order to the pension scheme?
www.hmcourts-service.gov.uk/courtfinder/forms/form_p1_1205.pdf
Again - nothing happens without the Pension Sharing Annex.

If so - has the court issued the Pension Sharing Order to the pension scheme
ie ask the court if it's been issued
if so : ask the pension scheme manager if they've received it - if they don't know ask the Scot Wid admin office if they've received it.

Did you get any information from the pension scheme before sharing about the scheme's fees for implementing the Pension Sharing Order and how the pension scheme would deal with your pension once it was transferred into your name?

Don't worry - but you're right to track it - in my case the scheme manager had no idea or evidence the pension was about to be re-allocated until the Pension Sharing Order was received.Until then I was treated like a potential con artist.

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19 May 10 #204657 by maggie
Reply from maggie
Sorry - too rushed reading your post - now spotted that you said
"Workplace say I will be a quasi-member,"
In that case you need to check for yourself the scheme rules to see whether you'll be better off anyway staying within the same scheme or whether you can move it out- if a transfer out is not allowed you're pretty much stuck with the rules the scheme applies - becoming a "pension credit member" with separate rules on the age you can take your pension and so on.
Is the pension scheme a private company scheme - ie not public service etc.?

After the Pension Sharing Order's been implemented and the pension's been transferred into your name but must remain within the scheme, then under the scheme rules you may be able to transfer it to another pension scheme if that would be a better deal for you.
Need to check if as a pension credit member you're allowed to transfer out - then lots of info to check if that's a better deal.

A pension scheme has 4 months to implement a Pension Sharing Order.
They should write to you to tell you what's happening.

For a private company scheme with trustees it can pay to approach them and ask - they can sometimes exercise discretion.

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20 May 10 #204772 by maggie
Reply from maggie
I'd be very interested to hear how the scheme deals with your new pension and what rules it applies.

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