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Dale & Co. Solicitors Lincoln

Specialist Solicitors in Family Law, Divorce,
Property, Conveyancing, Probate, Wills and Powers of Attorney.

DALE & Co. Solicitors Lincoln
Georgia Corby
Solicitor Director. Head of Family Law Department
Divorce Or Separation

What Happens To My Pension When I Get Divorced?

Dividing assets accumulated in pension schemes is one of the most complex and important financial tasks following the break-down of a marriage.

There are three ways of doing this:

  • You can split the pension(s) into different shares (to be agreed) at the time of the divorce (Pension Sharing Order).
  • You can balance the value of the pension against another asset, such as a property (Pension Offsetting). This means that you do not have to share pensions but this may come at the expense of other assets.
  • You can arrange for some of a pension to be paid to the other party when that pension comes into payment (Pension Attachment Order). This is far less commonly used that either Pension Sharing or Pension Offsetting due to the risks involved.

Whatever you decide, the final settlement has to be confirmed by a court order.

Due to the complexity of pensions, it is often appropriate to obtain a report from a pension actuary, which will include calculations relating to the future incomes likely to be received from pensions to enable an appropriate Pension Sharing Order of Offsetting sum to be agreed.

Pensions are often valuable assets and it is vital to both ascertain the value of all pensions and to properly consider how they should be dealt with in order to provide a fair financial settlement. It is very important to seek legal advice to ensure that you choose the best option for your circumstances and we can help you with this.

For further advice and information, contact us today to book a free initial consultation.

Last Updated: Tuesday 3rd January 2023