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Divorcing Your Pension

Even without
children being involved, getting divorced can be a traumatic and
crowded time with the need to discuss and agree on the equitable
sharing of homes, investments, or personal items. One area which is
easy to overlook is the effect which getting divorced may have on
pensions.

Research from Aviva has revealed that 34% of those getting divorced made no
claim on their former partner’s pension, with pensions not being
included within the list of assets on divorce. This despite 8% of
divorcees relying on their partner’s pension to finance their
retirement. As a result, 19% of people surveyed said they ether were,
or anticipated being, significantly worse off in retirement following
a divorce. Coping mechanisms reported included dipping into savings,
using credit cards, borrowing from family or friends, or taking on an
additional job in order to make ends meet.

Commenting on the findings Alistair
McQueen, Head of Savings & Retirement at Aviva said:

“It’s critical that, as part of the separation process, couples take time
to think about and discuss one of their single most valuable assets,
their pension.”

If you are looking for advice on pensions, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our
website. 

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