The Prudential annual study recently released in February 2018 has shown that divorcees who plan to retire in 2018 can expect a drop of £3,800 per annum in their income compared to those who have never been divorced.
This shows that a divorce can have a considerable impact on not only pension savings but also on retirement planning. The greatest recent increase in divorce rates have been amongst those aged 55 and above. Pensions are therefore likely to be a considerable part of any matrimonial settlement. Early assessment of the values to the pensions and how they can be utilised and divided is extremely important.
Where necessary, actuaries can be involved to do a thorough assessment of how a pension has been built up and therefore how any division should appropriately take place. It is important to recognise if a pension fund was paid into prior to a marriage taking place.
The nature of the scheme can also be relevant as to how it can be divided, the investment worth and what part it should play in any division.
At Wortley Byers Law we aim to assist you in dealing with the impact divorce may have on your life and work closely with our professional colleagues to give pragmatic and sensible advice. For a fixed fee appointment contact us today.