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Divorce: The Pensions Inquiry Form (P3)
When completing Form P3, scheme trustees need to consider how to deal with issues such as:
- External transfer only policy – making clear that failure to provide details of a pension arrangement to which the “share” (pension credit) can be paid will mean a delay in implementation of the order.
- Internal transfers on offer – if these are offered on a different benefit basis to members' benefits (i.e. defined contribution rather than defined benefit), this must be made clear to ex-spouses. Care should therefore be taken in providing booklets/information to ex-spouses.
- Charging - the form does not cover the method of payment (e.g. deduction from benefits or cash up front).
Author: Janet Brown