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Pensions

Pensions

On a weekly, if not daily, basis, I am told that the client is not worried about claiming the other person's Pension; they just want their housing to be secure.

 

I explain to them that a pension is often worth as much, if not more, than the value of the former matrimonial home. The value of the Pension should be obtained before any settlement decisions are made. 

 

Despite this advice, statistics show that only 1 in 6 financial settlements within the divorce process include a claim on pensions. 

For this reason, the Pension Advisory Group was set up by a group of Judges, Barristers, Solicitors, Actuaries, Financial Advisors, academics, and Mediators who specialise in pensions. They were given the task of drafting a user-friendly "guide" available to all. 

It is hoped that this "guide" will demonstrate, in plain English, how vital pensions are for the client's longer-term security and how this may affect your divorce proceedings. It explains the different types of pensions out there and what hidden benefits they may have and advises on how they can be 

valued to assist the parties with negotiating and concluding a financial settlement. 

The "guide" has been endorsed by the President of the Family Division and the Family Justice Council. 

You can find the guide by going to https://www.advicenow.org.uk/pensions 

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