Friday, 20 July 2012

Cracking the Pension Pot

It has been reported today that hundreds of thousands of people often overlook their entitlement to a share of their spouse’s pension on divorce.

Since 2000, the court has had the power to order pension trustees to debit the pension pot of one spouse and credit the amount to a new fund in the other spouse’s name. These orders are usually made with the aim of sharing a couple’s total pension fund between them equally.

Problems can arise a when spouse ignores the other’s pension or fails to obtain a proper valuation of the pension fund. Overlooking pensions is common among younger couples who tend to feel that pensions are of little immediate relevance to them.

Pensions can have significant values and can act as a good source of income for the future. They should not be ignored under any circumstances and here at Pannone we always recommend that specialist pension advice is sought.

At Pannone we have a large team of family solicitors who can offer you specialist advice regarding the divorce process and the powers of the court when considering financial settlements.

Read more divorce advice on our family law blog or follow us on twitter @Divorce_experts.

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