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Taking final salary pension after divorce
CiffHeath64
Posts: 2 Newbie
Does it make a difference if you are already taking a final salary pension when you divorce?
I read about getting final salary pensions valued and split but everything I have read seems to relate to people who haven't actually taken it yet. Does actully taking it change how it is viewed in a divorce?
I am retired and it is my only income.
I read about getting final salary pensions valued and split but everything I have read seems to relate to people who haven't actually taken it yet. Does actully taking it change how it is viewed in a divorce?
I am retired and it is my only income.
0
Comments
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Yes, it's still part of the assets of the marriage.
Unless you can persuade your spouse to take other assets in exchange for leaving you with the pension, you will need a Pension Sharing Order to split the pension.
Your pension scheme may not allow your spouse to share the final salary pension, and may insist on them taking a CETV (Cash Equivalent Transfer Value) out. You will need to check with the scheme. If they have to take a CETV, splitting the pension may be a bad deal for you personally (because the value of the guaranteed income you will lose from your pension is often more than they get in CETV), and you should seriously consider letting them have a greater share of other assets in order to hold onto the final salary pension.
Both of you need to talk to a solicitor and potentially an independent financial adviser as well.0 -
Thanks Malthusian0
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