Pension sharing annex - financial adviser necessary?

[StrangerFings]

Hi, I'm in the process of divorce and my ex-husband's pension company has agreed to the pension sharing annex. I'm wanting to move the credit to my existing work pension scheme - would anyone know if I can do this myself or do I have to pay a financial adviser to make the arrangements? Thank you :)

I know that if the pot is more than 30k you have to consult a financial adviser - if less than 30k you can do it yourself (providing your workplace pension can accept it).

The £30K rule applies to someone transferring out their own Defined Benefit pension scheme as cash to another scheme, with a CETV of greater than £30K.

The OP’s husband’s pension may be DC instead of DB - in which it’s not relevant. The husband also wouldn’t be transferring his own money - the money is no longer his.

Firstly, I’m guessing you’re aware that you can’t do anything before you get the Pension Sharing Order, with your Decree Absolute? You can’t just make a private agreement to move pension money - it has to be ordered by the court, though you don’t have to attend a hearing for it. So if you’re only in the process as you say, then you have a bit of time yet!

Have you spoken to your work pension administrator? Not all will accept transfers-in, so that’s the first thing to check. If they will, ask them if they can manage it.

I transferred some DC pension from my husband to me (over £30K). I didn’t want to transfer it to work pension. I set up a personal pension with Aviva, and completed their transfer-in form. I forget now (it was 13 years ago) exactly what paperwork went where (e.g. husband’s pension company and his IFA had a copy of the PSO). But I certainly didn’t use an IFA.

I can only relate what happened in my case. I was awarded shares in 3 of my ex’s pensions and wanted to transfer them into my existing workplace pension (provided by Aviva). They wouldn’t do this until I took advice from an IFA. All 3 shares were >30k, this was 5 years ago.

Hi, thanks all - much appreciated. The consent order with pension sharing order has been lodged online so just waiting for that to come back before I apply for the absolute, The credit will be over £30k. My workplace pension adviser has said the scheme will accept the credit, but his financial advisory company would need to organise - on an independent basis...at a percentage fee - hence the query!

That seems logical. In 2 of my ex’s pensions there were no costs in arranging the pension share, one of them (the final salary one) charged my ex £1500. Which he wouldn’t pay! The trustees eventually took it out of his share of the remaining ‘pot’,