Pensions and Divorce
When a couple divorce, pensions will be an issue that needs to be resolved. It is therefore imperative that you instruct a solicitor with expert pension knowledge on divorce, especially in view of pension changes implemented in Spring 2015, which could lead to disastrous consequences for a pension holder if not thoroughly considered.
Since 2000, pensions on divorce have become particularly important. A Court can now Order that a pension fund belonging to one spouse should be shared with the other. Typically, the Order will be to share the pension so each spouse has equality of income in retirement.
There are considerable pension charges that can apply in implementing pension sharing orders and, some charges can be levied just to obtain the information a Court will need to determine the issue of pensions.
At Warners, our team of family solicitors are very experienced in advising on pension assets. These include Final Salary schemes where the face value is not always as its appears, Money Purchase schemes where depending on the parties ages, cash could be extracted or, SIPP funds where great caution must be taken to ensure the underlying assets of the pension are not at risk on sharing.
Due to our expert knowledge, we regularly represent Police Officers, Teachers and members of the NHS, whose pensions can be complex and extremely valuable assets.
If you would like to talk about any of these issues with one of our specialist solicitors, please contact us on 01732 747900. Whilst we are based in Sevenoaks, Kent we are also happy to offer advice by phone/email or, can meet with you in our Tonbridge office if it is more convenient for you.
- First meeting with your divorce lawyer Before meeting your divorce lawyer for the first time, you may be anxious about what to expect. Charles Tennant, family law solicitor and divorce law specialist at Warners in Sevenoaks, explains what will happen at the first meeting and some of the information you may want to take with you.
- Did you get divorced before 2000 and receive a pension award? An unintended consequence of the pension reforms is that any divorcee with a pension earmarking order (regularly used before pension sharing came into force in 2000) may need to act fast to protect their retirement benefits...
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