The PLSA has updated its Pension Sharing on Divorce Guidance, which is produced to support private sector occupational pension schemes when providing information for pension sharing orders.
The PLSA's revised recommended charging levels for providing information in connection with pension sharing orders are as follows:
- Producing a cash equivalent transfer value (CETV) quotation for an active or deferred member who is not entitled to a CETV quotation free of charge: £0-£500 (previously £0-£250).
- Producing a CETV quotation for a pension in payment: £750-£1,250 (previously £600-£1,000).
- Processing a PSO by means of an internal transfer in a defined benefit (DB) scheme: £3,000-£4,250 (previously £2,500-£3,000).
- Processing a PSO by means of an internal transfer in a defined contribution (DC) scheme: £2,500-£3,750 (previously £2,250-£2,750).
- Processing a PSO by means of an external transfer from either a DB or DC scheme: £1,500-£2,500 (previously £1,350-£1,950 for DB, £1,300-£1,850 for DC).
- Processing a PSO for a pension in payment: £0-£500 (£250-£500).
- A new category of "provision of other information" that schemes do not have to provide for free: £0-£500.
The guidance also contains a flowchart, which has been given only minor updates, explaining the circumstances in which schemes may levy charges in relation to a pension sharing order.
The updated guidance applies from January 2, 2024.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
