What is a Pension Sharing Order?
You may have agreed to have a share of your ex’s pension or the court may have decided this. Either way, the court will issue the Pension Sharing Order to you, which will give you information about the pension share that you are entitled to. You will need to take advice as to how to effect the order. A financial planner, such as ourselves at Smart Divorce, can help you to do this.
What happens next?
You need to find a financial planner. We would be delighted to help. You can also use Unbiased or ask for recommendations. You should meet with them to ensure that you are happy to work together. Having a planner who understand what you are going through, you trust and you know will help you through this time is really important.
What will the financial planner do?
Your planner, if you have never seen them before, will ask for a lot of information about you and your family. They should also ask about your goals, aspirations and fears so that they understand what your money needs to do for you. The planner will assess your attitude to risk, often using a questionnaire, as well as a discussion about your answers. They will use your answers to work out where your share of the pension should be invested.
Do I have to move the pension?
You may have the option for the pension to remain with the existing provider and become a member of that scheme. Your financial planner will advise you if this is an option. If it is, they will see if it is appropriate for your individual circumstances. You may not be able to. In this case, they will help you to find a pension to move it to and recommend suitable investments.
If you have a pension sharing order that you need help with or if you think we can help you through your divorce in any other way, please contact Tamsin either on 07975 922766 or at email@example.com.
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