Pension Sharing On Divorce

The importance of pensions is now recognised when discussing divorce settlements. This applies to all types of pension, state, occupational or personal.

There are specialist pension advisers who can help with the transfer of pension sharing on divorce. Once a divorce agreement has been reached Pension Splitting needs to be arranged.

If you are currently divorcing, the Court is required to take your pension rights into account.

Through the court, a divorcing couple can choose to, balance the pension rights against other assets, eg the house. Arrange that when the pension eventually comes into payment, a percentage will be paid to the other party (Pension Earmarking). Alternatively you can divide the pension now giving both parties their own pension. (Pension Sharing).

Firstly you need to know what you and your former partners’ pensions are worth. This will mean that both of you will need to ask your pension providers for valuations, and transfer values. The pension adviser can obtain these for you, but they will need your written authority.

Your former partner will not have any right to know what your pension value is without your consent, and visa verse.

Divorce Pension Rights can be tricky to sort out but a qualified professional Pensions expert will help to smooth the way for you.