Salvus Master Trust launches pension sharing order product
Salvus Master Trust has launched a product that will accept cash equivalent transfer values (CETVs) from a final salary scheme granted as part of a Pension Sharing Order (PSO).
The master trust provider - now owned by Cushon - said the launch follows increasing demand from trustees wishing to secure CETVs in an appropriate default provider.
Cushon managing director Troy Clutterbuck said: "Many schemes struggle to contact and connect with ex-spouses in this space and therefore our new offering will provide a suitable alternative. Obviously once established the ex-husband or wife can transfer out at a later date to another product."
CMS partner Neil Smith commented on the launch. He said: "This will be welcomed by pension scheme trustees as dealing with PSOs, especially with recalcitrant and uncommunicative ex-spouses, can be a major headache. Some schemes may also adopt this facility as a default for all their PSOs."
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