Clare Moffat, Head of Business Development at Royal London, talks about: *
*this webinar was recorded on Monday 12 November 2018.
If the scheme does not allow the ex-spouse/civil partner to become a member, the transfer value can be paid to a personal pension. If the pension credit is coming from an occupational scheme, a Section 32 will also be an option.
The value could also be transferred to a scheme the ex-spouse/civil partner is already a member of, if the rules of the receiving scheme allow.
The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow.
All references to taxation are based on our understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances of the investor.
The Nuffield Foundation funded study Pensions on Divorce found that there was a widespread lack of confidence amongst practitioners on the issue of pensions on divorce, poor quality pension disclosure on the court files and a substantial proportion of potentially unfair outcomes.
The project aimed to establish the Pension Advisory Group - an interdisciplinary working group - whose purpose would be to provide an in-depth analysis of how pensions on divorce should be approached, particularly in relation to valuing pensions and offsetting them against other capital assets.
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