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JGM, Solicitor
Category: Family Law
Satisfied Customers: 12188
Experience:  30 years as a practising solicitor. Partner in own firm.
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As part of the divorce my wife's solicitor suggested a pension

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As part of the divorce my wife's solicitor suggested a pension sharing scheme. He also suggested I got a pension transfer value. What is that please. When I spoke to my pension company they said I would have to pay £325 for them to send out a value to me. Is that normal ?
thank you
Thank you for your question.
The transfer value of a pension is the value placed on it for divorce purposes and is the notional value of the scheme were you to change from one scheme to another; in other words the actual cash that would be taken from one scheme and put into another.
The reason the law says that this is the value to be used in a divorce is because if there is a pension share set up, quite literally cash is taken from one spouse's scheme and transferred to a scheme in the name of the other, either an existing scheme or a new scheme set up for the purpose.
As far as charging for the information is concerned, under the Pensions on Divorce etc. (Charging) Regulations 2000 which you can read online, it is permissible for a charge to be made for the information. £325 is not an abnormal charge in my experience.
I hope this helps. Please leave a positive response so that I am credited for my time.
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