Pensions can be one of the most valuable matrimonial assets, and they can be complicated to deal with on a divorce because each pension is different, with its own set of scheme rules and varying contributions.
So, it's important to seek legal advice. This will inform you on how each pension may be treated in divorce. You can then consider how this affects the pension element of the divorce settlement you reach and your long-term financial security.
How are pensions treated on divorce?
The starting point of a divorce is the sharing of matrimonial assets, including pensions. Pensions can be overlooked during divorce – particularly when you aren't close to retirement age. But they can be one of the largest assets in your case. You may be tempted to focus on tangible assets like a house or car, but it's also important to consider your future financial planning after separation, including what you'll do on retirement.
Our lawyers are experienced in working alongside Pensions on Divorce Experts (PODEs) to obtain reports for our clients, explain what they mean, and use the information to reach a settlement.
We regularly advise on the role of pensions and on how your pension can be considered within a wider financial settlement. Here are some examples of just some of the issues we help our clients with:
- Dealing with a range of pensions, including public sector pensions, SIPPs (Self Invested Personal Pension), defined benefit schemes, and defined contribution schemes.
- Advising clients on pensions abroad and how they can be considered within a settlement.
- Working with PODEs to fully understand pension arrangements before advising our clients on how the pensions should be considered within a settlement.
- Advising clients on the implementation of pension sharing orders.
- Advising clients on enforcement proceedings where an order has not been implemented.
- We're well known for our expertise in advising on pensions with an international dimension.
