Pension Money Matters in Divorce

For initial legal advice about pensions in divorce call our Divorce Solicitors on 01618558357 or contact us online and we will help you.

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Pensions on Divorce

Pensions are often one of the biggest financial assets apart from the family home and pensions are always taken into account when resolving money matters in divorce or Civil Partnership Dissolution.

Pension Options in Divorce

Pensions can be dealt with in a number of ways depending upon the particular circumstances of your case. Currently the three main pension options in divorce within England and Wales are:

Pension Sharing – This is where one spouse receives a percentage share of their ex-partners pensions. This is either transferred into a separate pension scheme in their name, this is known as an External Transfer; or transferred into a separate pot within their former partners existing pension scheme, known as an Internal Transfer.

Pension Offsetting – This is where the value of a pension if offset against other assets.  For example, one spouse may receive a greater share of the family home or savings to compensate them for the lack of pension provision.

Pension Attachment (formerly known as earmarking) – This means that a percentage of the member’s pension is set aside for the ex-spouse to claim on retirement. This is not necessarily the best option and pension sharing is often the preferred method. Attachment benefits are not necessarily watertight and are lost if the ex-spouse remarries or the member spouse dies.

What Pension Information Do I Need?

You should start by making a list of the pensions you currently contribute to together with any previous pensions you may have. Most pension providers provide an annual statement which is a useful starting point.

A CETV (Cash Equivalent Transfer value) or CEB (Cash Equivalent Benefit) statement details the capital value of the pension benefits (income and potential lump sum) that have accrued to date or which are in payment.

With money purchase schemes the CETV statement details the transfer value of the funds that have accrued to date and this may be different to the actual fund values depending on the scheme.

CETV statements of final salary schemes rarely reflect the true value of the pension rights.  For example, if the scheme is underfunded the transfer value may be reduced to reflect this this. This is a very complex area and professional advice is important.

Can a Pension in Payment be Shared?

Yes, however the receiving spouse will not be able to take a lump sum from any benefits upon transfer.

State Pensions on Divorce

The basic State Pension cannot be shared but the Additional State Pension can.

Oversees Orders made against UK Pension Schemes

In the vast majority of cases UK pension providers will not implement Orders made in different jurisdictions unless a ‘mirror’ Order is obtained in the UK. This is usually a straight forward application to the Court and our Divorce Solicitors can help you with this.

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As part of the Co-op Group our values of openness, honesty, social responsibility and caring for others are core to the service we provide, and our customers consistently rate the quality of our legal advice and services at 4.4 out of 5 stars. See customer testimonials for Family Law.

For initial advice about a pension in divorce or separation please call our Divorce Solicitors on 01618558357 or contact us online and we will call you.

The family law team at Co-op Legal Services includes specialist Family Solicitors, Divorce Solicitors and Children Law Solicitors with Resolution Accreditation and Resolution accredited experts in child abduction, co-habitation, domestic abuse, property disputes, high net worth money matters and financial advocacy.

Co-op Legal Services has offices in Manchester, Bristol and London.

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