For many who go through a divorce or dissolution, a crucial question is what might happen to any pensions. Often one spouse might have substantial pension provision and the other might have limited or no pension provision, perhaps because they took time out from working to look after children.
At Rix & Kay, our Family Team is happy to advise you in relation to all financial matters on separation, and have many years experience in dealing with even the most complicated pension arrangements.
While spouses/partners are married or in a civil partnership, they can generally expect that when their spouse/partner retires, they will benefit from their pension income, and in the event of their spouse/partner’s death, might expect to receive a surviving spouse’s pension. On a divorce or dissolution, those benefits are lost.
It may be that both spouses have similar pensions. However, typically one spouse has a much smaller pension provision than the other person.
The courts have long had the power to take pensions into account when dividing up the matrimonial assets.
There are a number of factors to consider when handling the division of pension rights in a divorce and it is important to take advice on this at an early stage.