Pension sharing and getting information from providers
Marta
Member
I am working with 2 clients who have come to us at the final stages of their divorce and they have been awarded a pension share from the ex husband's pension by the Court.
In both cases our client is the transferree who is receiving the awarded amount. The plan is obviously held by the transferor who is not our client.
One of the firms (Aviva) has accepted a LOA signed by our client and is prepared to communicate with us regarding the pension share amount and transfer process.
The other two firms (Aegon and SJP) refuse to accept the LOA signed by our client as they are not the policyholder of the plan despite knowing that the court has awarded the pension share amount to our client. They both refuse to disclose any information to us which is really frustrating. Surely providers understand that a divorce may not be amicable and having to ask the ex partner to sign a LOA to release information to a firm that is not even their adviser is insensitive and doesn't make sense. I feel like I am hitting a brick wall and wondered what experiences others have had with getting information and if there is another way of getting this information.
Thank you
Marta
Comments
Assuming (dangerous, I know) you have the PSO this will state the percentage of the pension fund to be transferred. Other than a current value of that percentage (which in my experience I've never had an issue with getting it) I can't see that any other information needed.
If you really need a current value and can't get one from providers you could always work on the values provided in the Court papers which you would get from your client's solicitor.
The values no doubt help with your research for new provider but other than that not sure what extra info would assist you.
SJP - doesn't surprise me; the number of times they don't understand a basic LOA let alone a complex one is astounding.
Aegon - I'd 'go up the food chain' and ask to speak to a team manager.
Thanks for your response which is very helpful. I managed to finally get to the bottom of this and the reason why I kept hitting a brick wall was because the solicitor had not sent the decree absolute to the providers. Solicitors, hey!!
Yep to SJP and LOAs!