The NAPF has now published its suggested scale of charges for schemes implementing pension sharing orders.
They have recommended the adoption of an index-linked flat fee in the range of GBP 750 to GBP 1000 (depending to a degree on what items of information are required) plus any third party costs such as medical advice.
Schemes should bear in mind that this is a guide only. If they do decide that they want to recover charges for implementing a pension sharing order, charges must be limited to the reasonable administrative expenses which have been or are likely to be incurred in each particular case. If charges are fixed at too high a level, schemes may face complaints from members or their former spouses.
For further information on this issue or any other pensions law topic, please contact Mark Atkinson by e-mail at mark.atkinson@cms-cmck.com or by telephone on +44 (0)20 7367 2184.
