If either party of a divorcing couple has private pensions, there is a legal requirement to assess whether they should be shared as part of the overall financial settlement. As the legislation, regulations and general structure of pensions is so complex, it is normally necessary to appoint a Pension on Divorce Expert (PODE). They will evaluate the benefits and make suggestions regarding the apportionment to achieve an equitable split of the benefits.
I would recommend reading the Advice Now Leaflet, which explains more. It may also be worth reviewing my flowchart When do you need a PODE?
The PODE is officially reporting to the court and must remain impartial and cannot offer advice to either divorcing party in relation to their financial aims. The parties should either appoint a financial adviser each who can advise them independently, or jointly retain the services of a financial neutral who can work with them both.
There is no specific qualification for PODEs and no one professional body to which we belong.
There is a “Handbook” the Pension Advisory Group (PAG) Guidance which sets out certain aspects of what we should do and how we ought to undertake the calculations. This was prepared by a working party formed of PODEs, lawyers, judges and other experts. The original version (PAG) was published in July 2019 and the updated one (PAG2) in December 2023.
I was not in the original working group but meet regularly with various members through my position on the Resolution Pensions Tax and Financial Remedies Committee. I have also studied both PAG and PAG2 at length and incorporated the guidance into my process and reports.
Some individuals believe that you need to be an actuary to be able to undertake this work. I am not, but with the aid of an excel spreadsheet I am more than capable of undertaking the actuarial calculations involved. In one of my past employments, I prepared actuarial reports and accounts for schemes. Since then, I have been fascinated by the numerical aspects of the projections and comparisons undertaken by advisers and acquired an in depth understanding of the actuarial principles and process of developing reasonable assumptions, inherent in that.
I have worked in Financial Services specialising in pensions for over 38 years. I have worked in many roles, pension trustee, training, technical support, compliance, and pension transfers. I have worked as a consultant offering my services as a pension expert for the last twenty. I am one of the most qualified individuals in the profession and consistently maintain and develop my knowledge. Please see my CV.
Basically, I am a bit of a geek, but I have developed my interpersonal skills to enable me to successfully market my service.