An overview of our approach to pensions & divorce

1. Pensions & Divorce Phil O’Connor Director Whitewell Financial Planning Limited

2. Agenda Need for advice Examples – what to watch for Our process Case studies Summary Any questions

3. Need for advice Never more true with more and more complexity Law Society & Resolution are driving the need You are potentially open to claims of negligence / reputational risk

4. Examples – what to watch for Final Salary Public sector schemes Funding position of private schemes Shadow membership

5. Examples – What to watch for Money Purchase Safeguarded rights Penalties / special conditions Pension providers

6. Examples – What to watch for Other Transfer day State benefits Implementation charges

7. Our 5 step process

8. Assessment & Information Gathering Often find that insufficient information has been gathered Often find difficulties with Pension Scheme Trustees / Managers not knowing their duties Without full disclosure we may have problems later in the process

9. Report Work in conjunction with actuaries Options – Express / Bespoke / Stand alone Demystify their reports Set out options – pros & cons

10. Advice & Implementation Review report and ensure satisfaction Provide financial recommendation to client Project manage Complete discharge papers Liaise between the parties

11. Case Study 1 – Mr & Mrs A Both aged 61 Both in good health & non smokers Mr A – BP Pension Scheme – final salary pension in payment - £18,000 p.a. Benefit on death - £15,000 p.a. (83%) CETV - £300,000 Actuary advised share to be 63%:37% in Mrs A’s favour to equalise gross pension of £7,000 each. No shadow membership available

12. Case Study 1 – Mr & Mrs A Clients did not divorce but separated Mr A retained his higher pension Mrs A retained her 83% benefit on Mr A’s demise BP clarified this to be the case (even though legally separated)

13. Case Study 1 – Mr & Mrs A CETV – poor value Both would have been short changed by a sharing order Novel and innovative solution

14. Case Study 2 – Mr & Mrs B Both aged 58 Both in good health & non smokers Mr B pensions - £1m in 4 different schemes, including an Irish pension Substantial other assets Majority benefits in SSAS including the land Mr A’s business was run from Mrs B - £70k in SSAS and a trustee Actuary advised share to be 54%:46% in Mrs B’s favour rising to 58%:42% ignoring the Irish scheme

15. Case Study 2 – Mr & Mrs B Clients did divorce Decided to offset all his pensions Pension share in Mr B’s favour for 100% of Mrs B’s SSAS benefits Mrs B resigned as a trustee of SSAS

16. Summary Difficult market conditions add to complexity Here to help at all stages Trust built up over time

17. Any questions ?

18. Further information Phil O’Connor is an Resolution accredited Independent Financial Adviser. He is a Certified Financial Planner and holds the G60 qualification enabling him to handle pension transfer cases. This presentation represents our present understanding of current legislation and Her Majesty’s Revenue & Customs practice. Whitewell Financial Planning Limited is an appointed representative of The Whitechurch Network Limited, which is authorised and regulated, by the Financial Services Limited.