Once you have decided that you need to engage a Pension on Divorce Expert (PODE), how do you decide which one to use?
The Family Lawyers arrange it as follows:
- The lawyer for the individual with the lowest total pension value proposes three potential PODEs (from whom the solicitor has obtained a fee estimate, timescales, and CV, evidencing their ability to act.)
- The other party chooses one from that list.
- The solicitors agree the Letter of Instruction which is then sent to the chosen PODE.
If you are both working with a mediator, they may be able to recommend a PODE. Alternatively, they may have set you the task of finding one. Indeed, that may be why you are looking at my website. I hope that you will find all the information you need, to help you decide. If you don’t, please get in touch.
Fee Estimate
I work on a Fixed Fee Basis - £1,900 + VAT, (£2,280), which equates to £1,140 for each party.
I require payment in instalments
- 25% at the outset,
- 25% once I have the data and can proceed with the computations and
- the final 50% once the report is ready.
I understand that other firms charge higher fees and may impose additional charges for extra computations. Once my instructions have been agreed, I will prepare however many variations you require for that fixed fee. I will try to help you work out which you actually need, to minimise the number, for all of our benefit.
If you decide after the report is completed that you need extra calculations that will incur an additional fee. My standard charge is £360 (£300 + VAT) for each variation.
If I am required to attend the court hearing, my fee is £720 (£600 + VAT) plus expenses per day or part thereof.
Timescales
I would suggest the entire process takes around six months to a year. I recommend you start this concurrently with the other financial negotiations, rather than leave it until that is all sorted.
There are three stages:
- Choosing and appointing the PODE
- Data Gathering
- Computations and Report Creation
Appointment
It is important to appreciate that the appointing stage can take time, whilst everyone agrees what is needed and what should or should not be included in the Letter of Instruction. It can be done in weeks, or on occasion days, but I have seen cases, where it has taken the two solicitors six or eight months to agree the Letter of Instruction.
If you are looking to appoint me yourselves, I will provide you with a PDF Form for the Letter of Instruction, on which you confirm the required calculations. You will both need to agree. You will need to seek advice from lawyers, solicitors, mediators and financial advisers. I have a group of Financial Advisers I work with who can help you with that aspect.
The associated Client Information Forms request the personal details I require for my computations.
This website includes various documents which I hope will help you with understanding and deciding what you need me to do.
Data Gathering
The Data Gathering stage can stretch to many months. There are two aspects to this:
The information I need from you, the divorcing parties.
- I have prepared editable PDF forms to make that as easy as possible for you.
- I will also provide template Letters of Authority, which include all the information the providers need to meet their various data protection requirements.
- I will ask you to send me whatever you have about your pensions, together with the completed and signed Letters of Authority - one for each pension scheme.
The sooner you complete these and make your initial payment, the earlier I can start work.
The information I need about the pensions.
- I will examine the information you have sent me.
- Then check my scheme data base and review the scheme website.
- I will then ask the scheme administrators and the insurance companies (providers) for the missing information.
The less I have to ask the providers, the better. Their long turnaround times, inefficiency, lack of clarity and omission of information can be exceedingly frustrating.
I will keep you updated and ask for your help to chase up responses. I will also need you to send on any documents received by you. I have been working in this way for over thirty years and know that between us we can shorten this stage of the process. If the delay is excessive, I will raise a complaint with the provider. My experience enables me to set it out effectively and address it to the right contact.
Computations and Report Writing
Once I have completed the data gathering, I will raise the interim invoices. When these have both been paid I will commence the calculations.
My standard turnaround time for the computations and drafting stage is six weeks. At that point, I will issue the final invoices. On receipt of payment, I will send you the finished report.
I understand that other PODEs are currently quoting 16 to 20 weeks for this stage, once they have the scheme information.