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Pension Sharing - IWC Actuarial Ltd

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Errors in Implementation of Pension Sharing Orders

on Monday, 08 October 2012. Posted in General News

In the vast majority of cases, when I am asked to provide a report in relation to Pension Sharing, the parties agree the percentage of the pension to be shared and I have no further involvement.  I was asked recently by a solicitor to check the implementation of the Pension Sharing Order applying to one of the standard public sector pension scheme.  To be honest, this is a relatively straightforward task and the cost reflects this.
The process involves checking the CETV, applying the percentage Pension Share to the CETV and converting the specified percentage of the CETV to pension for the spouse.  You can probably see where this is leading, as, if there was no error, I wouldn’t be writing about the issue.  The pension scheme member had accrued a substantial pension and the error was significant, the scheme administrators quoted a pension to the spouse which was some 70% higher than it should have been.
Whilst some might view this is a bit of a “windfall”, the spouse realized that the scheme could, at any point in the future, identify the error, rectify and seek repayment of overpayments.  Therefore the scheme was contacted and informed of their error.
I haven’t been asked to check the implementation of many Pension Sharing Orders but this case made me wonder, just how many Pension Sharing Orders have been incorrectly implemented?


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