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Divorcees a &#39boom area&#39 for advisers

Pension sharing on divorce could lead to an advice boom for IFAs, according to Scottish Equitable.

In the latest of the life office&#39s Ritchie Papers, pensions development director Stewart Ritchie highlights the complexity involved in pension sharing.

He says professional advice will be essential both for divorcing partners and pension scheme trustees.

The details of pension sharing were finalised earlier this year in the form of regulations, model rules and an update from the Pension Schemes Office.

The regulations offer a new choice to ex-spouses whereby they can each secure part of the pension pot to provide them with an income in retirement.

Ritchie says divorcing partners will need advice on transferring their share of the pot to the scheme of their choice.

In a survey carried out by ScotEq among nearly 2,000 IFAs, 90 per cent agreed the rules would bring new advice opportunities.

Ritchie says: “The opportunities for IFAs are huge. As well as helping family lawyers, ex-spouses will need advice on transfers. Also, members who have given away part of their pension will seek ways of rebuilding the gap.

“IFAs should start planning now for how they intend to take advantage of this business opportunity.”

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