Women & Pensions on Divorce
Reports have shown that:
48% of women have no idea what happens to pensions on divorce;
27% of women who discussed pensions during a divorce had no pension pot of their own;
16% of women lost access to a pension pot following their divorce
11% of divorce cases involve a pension sharing order
Why is this relevant? because the total wealth of the UK has been stated at 11.1trillion pounds of which 4.5 trillion is held in pensions – more than the wealth held individually in property, investments and other chattels.
Women are therefore potentially losing out on valuable pension benefits upon divorce and ultimately financially suffering when they come to retirement age.
Pension sharing was introduced in 2000, but from the research conducted it appears that pensions are still not being taken into account properly on divorce, if at all, with women being disproportionately affected. This may be because the value of pensions is misunderstood, or are not known about or because women are not aware, they are potentially entitled to a share of their spouse's pension fund.
While some pensions are relatively straightforward, others such as public sector schemes are complex. It is important you, therefore, take expert legal and financial advice whenever pensions are involved in a divorce and the costs incurred in taking such advice should be considered an investment for your future.
If you are experiencing relationship difficulties and you would like further advice then please contact Zoe Gaitskell or Karen Lee Watts on 01404 548055 or email: email@example.com firstname.lastname@example.org who are both experienced family lawyers and accredited Resolution specialists in financial issues.