Seven in 10 divorcees ‘did not split pensions’
Which? surveyed nearly 1,000 members who had been divorced since 2000.
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Your support makes all the difference.Seven in 10 (71%) divorcees did not include pensions in their financial settlements, according to Which? research.
A survey of nearly 1,000 Which? members who had been through a divorce since 2000 showed that of the vast majority who did not pension share, nearly a fifth (18%) had not considered the division of pensions during their divorce proceedings.
The consumer group said it is concerned that some couples are potentially ignoring one of the biggest assets in their marriage. Leaving a large pension out of a divorce stands to disproportionately affect older women who are statistically more likely to have inadequate pension savings.
Wherever possible, we encourage people to seek legal and financial advice when embarking on divorce proceedings
Which? heard from a woman in her 60s whose husband filed for divorce. While he had built up a substantial final salary pension, she had worked part-time for most of the marriage, leaving a significant disparity in their respective retirement funds.
After a recommendation to seek legal advice, she decided to pursue a pension sharing order, which was eventually granted.
Jenny Ross, Which? Money editor, said: “Wherever possible, we encourage people to seek legal and financial advice when embarking on divorce proceedings, in order to ensure they are equipped to make the best financial decisions for the future.”