How Does a Pension Sharing Order Work?
A Pension Sharing Order will give each person a right to part of a pension pot. This could be one pension if only one of the couple was working and the other was looking after the children or both pensions.
Any part of a pension received under a Pension Sharing Order can be transferred to a new or existing pension scheme or stay in the original one. The only pension schemes that cannot be shared are the Basic Pension and the new State Pension.
Issues can arise around the value of a pension, but our Divorce Solicitors can make sure that your pension is correctly valued by an actuary or a pension advisor. The value of the pension will be expressed as the cash equivalent value, also known as CEV.
How to Get a Pension Sharing Order
Only the Court can make a Pension Sharing Order as part of a Financial Remedy Order, either by agreement with your partner or by going to Court. A Pension Sharing Order will take effect from the date of your Decree Absolute. The pension provider has four months from that date to implement it.
To make sure you get the best possible financial outcome from your divorce, it’s crucial to be properly advised when splitting matrimonial assets such as pensions.
Our specialist Divorce Solicitors can give you a clear picture of how your financial assets will be affected by your divorce. We know it’s a tough time, but we’re here to listen and help calm the waters, seeking out the best outcome for all involved.