Pension Sharing Orders
Reforms to Pensions May Require Positive Action by Divorcees to Protect Their Benefits
Prior to pension sharing, pension earmarking orders were commonplace. This is where one spouse would effectively keep their pension in their name but part of the lump sum and/or the pension income would be “earmarked” for the benefit of their former spouse. Nowadays most people use Pension Sharing on divorce rather than earmarking. The difference […]Read more
Pension sharing update – What happens when a transfer value is miscalculated by the pension provider?
In 2010 Mrs McNicholas was divorced from her husband. During the financial proceedings information was obtained about the value of his pension. Mr McNicholas’s financial advisor wrote to Scottish Widows http://www.scottishwidows.co.uk/ requesting “a transfer value for divorce purposes” which is normal practice. In reply Scottish Widows stated that the value of his pension in relation […]Read more
Are Pensions overlooked on divorce?
A report recently published by the Phoenix Group contains some interesting findings about the treatment of pensions on divorce. The findings suggest that: Only 6% of divorcees received a pension sharing or earmarking order as part of their divorce settlement 42% of women say that they were financially worse off after divorce After getting divorced […]Read more