Pensions in divorce. What to do with your pension.

First of all, divorce rates are falling. According to the Office of National Statistics (ONS), there were 101,055 divorces in the United Kingdom in 2015. This is a 9 per cent reduction from 2014. Getting divorced can have an impact on your pension.

The average age for getting divorced is increasing. Furthermore, for men, the age is now over 45 and for women just under 44. These figures may reflect that younger people are not getting married in the first place.

One of the consequences is that the financial aspects of divorce are getting more complicated. The longer couples live the greater time they have to increase their wealth. With the increase in property and pension values over time.

Solicitors are now working with pension specialists.

We are seeing solicitors advising on divorce now working more closely with qualified and experienced independent financial advisers.

Pensions are a vital part of the financial wealth and the Courts will often either order that the value of a pension should be split between the parties or that it should be taken into account as part of an overall assessment of wealth. They will also include additional asset such as property so that the estate can be divided in the most equitable way.

The cash available from providers of occupational pension schemes to members who transfer to personal pensions is at an all-time high and could provide an important opportunity in a current divorce. There are complex issues at stake in assessing the respective benefits and expert financial advice is required. Many financial advisers specialising in divorce work have obtained a specialist qualification in pension transfers.

How Anstee & Co can help with pensions in divorce.

As independent financial advisers, we work closely with solicitors and other professionals. We have the specialist qualification to give advice on pension sharing. Also, as financial advisers, we are aware that everyone’s situation is different so we take the time to understand our clients and what they are trying to achieve.

Our offices are in Kettering, Stamford and London. We also make use of meeting rooms in Northampton, Bedford, Towcester and Wellingborough. Also, our team of specialist financial adviser cover Northamptonshire, Lincolnshire, Warwickshire and Bedfordshire. Meetings can also be arranged at your home or place of work.

Finally, the initial meeting is free so please feel free to contact us to see how we can help.