Wills & Trusts Law Reports | Spring 2022 #186Mr Khadem’s employer established a pension plan for him, with HMRC approval, which was tailored for employees who may retire abroad. On his retirement in 2004 he remained in England as his wife continued to work as a consultant and professor. As his wife approached her retirement they discussed where they should live and decided to move to the UAE, which Mr Khadem did in March 2018.
The claimant and Mr Khadem each took tax advice on 12 December 2018. It was to the effect that the UAE only provides a tax domicile certificate covering the period up to the date of the application for...
David Wilkinson and Alexandra Goldrein look at a case involving a cautionary tale of ‘moving target syndrome’ As HHJ Hess pointed out in T v T, there is a statutory life-jacket available for adrift non-member spouses facing the prospect of an underfunded pension scheme, which ensures that the prospective transferee is first given the option …
Continue reading "Pensions: Ticking Pandora’s boxes"
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Ellie Foster and Carmelita Ardren discuss an appeal in which the procedural aspects of dealing with pensions assets and their value was at the fore There will always be some delay between the date of a pension sharing order, that order taking effect and ultimately it being implemented, which can trigger a change in the …
Continue reading "Pensions: Fail to prepare, prepare to fail"
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Andrew Smith highlights the first reported decision in which the Pension Advisory Group report has impacted on the approach of the court to pension assets ‘In the first reported case to feature specific reference to the PAG report, the judge drew heavily on the opinions within that report, stating that it should “be treated as …
Continue reading "Pensions: Lessons to be learnt"
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James Copson looks at the recommendations in the Pension Advisory Group report and highlights the potential pitfalls when dealing with pension assets ‘It is much harder to achieve a fair outcome where there is a significant difference in the ages of the parties.’ An understanding of pensions is a must for every family lawyer working …
Continue reading "Pensions: Equality or not?"
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Alex Shields looks at the potential unintended consequences and hidden tax implications that can arise when dealing with pension assets on divorce ‘The lifetime allowance (LTA) implications of pension sharing orders are complicated and should be carefully considered.’ Practitioners will be familiar with the pension options available when splitting assets on divorce, ie pension offsetting, …
Continue reading "Pensions: Perfect planning"
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Bethany Davies highlights problems when dealing with overseas pensions or pensions in this jurisdiction that are subject to an overseas order ‘Ordinarily the default position of pension companies in this jurisdiction is that a pension share will not be implemented unless an order has been made by the court in England and Wales.’ Often, aside …
Continue reading "Pensions: Home and away"
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Wills & Trusts Law Reports | Winter 2018 #170Mrs Staveley established a company known as Morayford with her husband Mr Staveley. She was director of the company, and had a large pension fund with its occupational pension scheme. She divorced from her husband in 2000. Indeed the terms of the divorce, her share of the pension scheme was to be transferred to her. In July 2000, and upon advice, she transferred her fund from the Morayford scheme to a s32 scheme.
In 2004, she was diagnosed in December 2004 with cancer. In 2006, by which time her prognosis was poor, she was advised to transfer her pension fund into a perso...
Kathryn Mason reviews the approach to pension assets accrued prior to marriage, including the significance of needs ‘Pension contributions made prior to the marriage fall into the category of assets that have not been “the financial product of or generated by the endeavours during the marriage”.’ This article considers the courts’ treatment of pre-marital pension …
Continue reading "Pensions: Balancing fairness"
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Rayner Grice highlights the impact of a Supreme Court decision on pension rights and the implications for cohabiting couples ‘Currently the law still greatly distinguishes between those couples that are married and those that are not, despite the fact that the practicalities of day-to-day living and their needs, and particularly the needs of their children, …
Continue reading "Pensions: Making a distinction"
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