Pensions can be shared on divorce
9 JAN 2018
Did you know that within divorce proceedings the court has the power, as well as making orders for maintenance and transferring or selling property and other capital assets, to share pensions? Pension sharing orders enable the pension company to transfer a specified percentage of the pension into a pension in the other person’s name and can be made in respect of all pensions even those in payment. They are likely to be made where there is a difference in your pension valuations although this can also be dealt with by one person receiving more of the other assets (called offsetting).
Your pension provider should provide you with a cetv for your pension on request without charging a fee so long as you have not asked for this information within the last 12 months. However, many final salary pension providers including Teacher’s pensions, Police pensions and NHS pensions can take up to three months to provide this information. Don’t forget to declare any new auto-enrolment pensions as well as private pensions.
Even if you have agreed that you will each keep your pensions you need to obtain and tell your ex the value for any agreement to be binding. You also have to give this information to the court if you want an order that prevents either of you from making a financial claim in the future.
Pensions and pension sharing is a complex area and it is important to seek specialist advice from a solicitor and Independent Financial Advisor before considering pension sharing.
Contact the only Resolution accredited Pensions on Divorce specialist solicitor in Lancashire Barbara Richardson on 01524 401010 or [email protected] for more information.