How is a pensions expert remunerated?
For work done on a pension audit during divorce to determine a fair value of the retirement benefits, the pensions expert will be remunerated by way of a fee. To keep the costs down both the parties should select a single pensions expert that will usually be an independent financial adviser that will work on a fixed fee basis. This means that if after the valuation report is completed and further work is required from the IFA (because the parties may now have to re-negotiate the share of matrimonial assets) at least there will be no further costs from the IFA. If an IFA charges on an initial fee plus basis and further calculations are required, then this could easily increase the costs to both parties. Where the parties agree to appoint a single pensions expert the cost of the pension audit is split between both parties, unless agreed otherwise, and the fee can be paid directly to the IFA or via the solicitors when work is completed.
