Nationwide offers new pension service
07 July 2004
Family lawyers are to be provided with a new legal consultancy, designed to help solicitors by completing pension valuations and sharing aspects of divorce proceedings.
The Penfam service, from Nationwide, covers the entire pensions sharing process from collating information to giving financial advice on the investment of the pension credit, The Lawyer website reports.
The service is restricted to solicitors and family mediators.
Developed by chairman Robin Ellison, a partner at Pinsents, and managing director Libby Jones, former managing partner of Howells, the service costs £650 for a standard report, which sets out the value of a couple's pension rights and lists options for dealing with those rights.
Maggie Rae, director of Penfam and a partner at Clintons, said most clients are likely to hold multiple or complex pension provisions, requiring a bespoke report that would be charged at an hourly rate.