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Women Missing Out On Pension Income In Divorce

(Last Updated On: September 19, 2018)

Many divorced women are losing out on significant amounts of money and assets in retirement, a report by Age UK has claimed.

Currently, married couples are not required to include pension assets in a divorce agreement, and it is not an automatic right to know a spouse’s pension value unless the divorce is taken to court.

According to the report, pensions are frequently left out of settlements as a result, with one partner – usually women – missing out on future income they could have been entitled to.

The majority of men and women manage their finances collaboratively, with 68% pooling at least some of their income.

However, 40% of women aged 55 to 70 are heavily dependent on their partner’s income for a comfortable retirement, as many have taken time out from work to care for children or older relatives.

Caroline Abrahams, charity director at Age UK, said:

“It is unacceptable that so many women are potentially missing out on significant sums of money when they divorce, sometimes without even realising.

“The government must act quickly to make consideration of private pension wealth a proper part of the divorce process.”

For any help or advice with financial planning talk to RPD

 

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