The value of your pension can often seem a bit irrelevant until you are facing retirement. However, if you decide to divorce this asset will form part of the financial discussions and considerations.
The value attributed to a pension (called Cash Transfer Value) can be significant and which pensions are shared, and how, can make fundamental differences to spouses at the time of their eventual retirement.
It is vitally important to get advice from a family lawyer and pension advisor on these issues. If you have any queries please do not hesitate to contact me.
Sir Steve called for those going through a divorce to ensure their former partner’s pension received the same focus as more ‘visible’ household assets such as the family home. He warned if this did not happen, they could unknowingly lose out on tens of thousands of pounds in later life.