Pension Sharing on Divorce
As many people will know when couples divorce it is possible to have a Pension Sharing Order, whereby one party receives a pension credit from their former spouse’s pension.
Recently, Brooks & Partners has had two cases where the wife was under the misapprehension that she would receive a lump sum and be able to use it towards a deposit for a new property. This is not the case. The pension credit can only be put into a pension fund on behalf of that client and then can be drawn down upon, at the earliest when they attain the age of 55, but usually upon their retirement age 65 plus.
Richard Whittington, who is Head of the Brooks & Partners Family Department has a great deal of experience advising on pensions within divorce proceedings, so if you have any questions regarding this matter, then please do not hesitate to contact us on 01276 681217.