It is important that a final divorce order is worded correctly when it comes to a spouse's pension interest.
ASISA Members who administer Retirement Funds, experience problems with court orders that attempt to order Funds to pay a members Pension Fund Interest or part thereof, to a non-member spouse on divorce. The ASISA members therefore felt that an attempt should be made to engage with Legal Practitioners and alert Consumers, in regard to what the law requires before a Fund can be properly bound, to pay a Pension Fund Interest to the non-member spouse.
It was agreed that ASISA Members via the Retirement Fund Operations Standing Committee (RFO SC), would produce a note aimed at the Legal Profession of what a correct Divorce Order in this regard should contain and also an article that could be used for consumer education. Greater uniformity in this regard would be of benefit to all.
Both the note and article have now been finalised by the RFO SC and are available for use, with Law Societies and consumers, by ASISA and ASISA Members.