Because the public sector pension schemes (e.g. NHS, Teachers, Police, and Armed Forces etc) only allow shadow membership we, as financial planners, rarely get involved in the implementation process as there is no need to put a financial product into place.
However we are seeing a growing number of cases coming to light where the orders have not been implemented correctly or in some cases not at all.
These include a case where the court papers (Consent order, pension sharing annex and Decree Absolute) were not forwarded to the NHS over 10 years ago. The order is now being implemented and possible compensation will be payable. Another case has seen the benefits from a Local Government Scheme split in two during the duration of the divorce and the pension sharing order only being applied against one of the two tranches.
In a separate case, because the member had not paid their share of the implementation costs, the administrators of the Principal Civil Service Pension Scheme had closed their file as there is no requirement for them to chase outstanding information.
Whilst we appreciate that this may be seen by some as yet another cost we believe that it may be worthwhile advisers such as ourselves being appointed to project manage the implementation process on behalf of the recipient. This would probably involve no more than 2 – 4 hours of chargeable time and may avoid significant problems in the future.
Should you have any queries then please do not hesitate to contact me.