Continuing from yesterday, in divorce most pensions can be divided by the court, this is called a pension sharing order. For this to take effect there needs to be a final divorce (decree absolute) and formal court order for pension sharing. The order can be made by the court in agreement as part of a negotiated settlement. A pension sharing order results in a percentage of the pension being transferred into a separate pension scheme in the name of the other party, they will then be entitled to the benefits of the pension independently.
You can contact your pension company to request an annual statement in order to see the ‘cash equivalent transfer value’, they have to provide this information on request and there may be a charge for this.
Obtaining advice regarding your pension type is important, particularly if it’s a final salary scheme or if the investments making up the pension are unusual.
We at ‘Divorce Negotiator’ can speak to both parties and provide factual advice on the options available regarding your pensions.