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Family lawyers are being targeted by a new legal consultancy that completes the pension valuation and sharing aspects of divorce proceedings for solicitors.
Nationwide service Penfam is limited to solicitors and family mediators and covers the entire pensions sharing process from collating information to giving financial advice on the investment of the pension credit.
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.