Bit of a tricky one me thinks

Flounder75

Hi There,

New to this forum so please forgive this newbie.

I could use some advice and a good friend suggested I try here.

In a nutshell, my wife and I are separated and going to be looking to start divorce proceedings soon.

I have two work place pensions on the go at the moment from two different providers. One has about £6.5k in it, the other circa £13k.

I'm 38yo, my soon to be ex-wife is 37yo.

Now, here's the rub. My wife was diagnosed with cancer last year and has been given around ten years to live. This wouldn't take her to a pensionable age but I want both here and I to be treated fairly regarding the amounts in both pension pots.

What would be the best way to go about handling this? For her to set up a pension in her name, have half the amounts transferred to that pension then make a will dictating what will happen with her pension? Or is there a better way to handle this?

I'm open to ideas and suggestions. Let me know if you need any more info.

Thanks.

Flounder.

dunstonh

What would be the best way to go about handling this? For her to set up a pension in her name, have half the amounts transferred to that pension then make a will dictating what will happen with her pension? Or is there a better way to handle this?

You give the information to the solicitor and let the solicitor deal with it. They will then ask her to supply details of the pension it is to transfer to.

Wills have no impact on a pension. She would give a nomination of beneficiary at the time of application.

atush

Sometimes
(esp in your case where you expect to reach a pensionable age and she doesn't) it would make sense to use the value of the pension pots as part of your whole financial situation and perhaps give her more liquid/other assets to make up for the pension and you keep the whole pension.

mgdavid

atush wrote: »

Sometimes
(esp in your case where you expect to reach a pensionable age and she doesn't) it would make sense to use the value of the pension pots as part of your whole financial situation and perhaps give her more liquid/other assets to make up for the pension and you keep the whole pension.

+1 to that

Flounder75

Thanks for the suggestions so far. We don't own any property (always rented) but I guess it might be worth my while trying to raise some funds and giving her a cash lump sum.