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30.01.2024

How to help divorcing clients navigate pension sharing

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

Navigating the complexities of divorce can be an emotional time for savers and financial planning can present further challenges which need careful consideration.

Understandably, working out how to split pension assets is not the priority for most separating couples. But it is important to make sure both parties are provided for in retirement.

This is particularly pertinent when one partner has significantly greater pension savings, typically due to being the primary earner, while the other may have taken on more family care responsibilities.

Despite the magnitude of private pension wealth, an estimated 71% of divorcing couples overlook pension sharing entirely. Regrettably, it is often women who endure most of this wealth inequality, retiring on average with about two-thirds of the pension savings of their male counterparts.

Pension sharing is designed to help address this imbalance when couples go their separate ways.

Advisers serve as a beacon during times of financial uncertainty. They are instrumental in ensuring their people make informed decisions about pension sharing on divorce.

Advisers play a crucial role in ensuring each person takes stock of their pension wealth and potential charges during divorce proceedings.

Working out how to split pension assets may not be the priority for divorcing couples but it is important and does not need to be a minefield. As an adviser, I can empower my clients during one of the most trying times of their lives.

planning
divorce finances
Financial Advice
IFAs

Nadia Khan DipPFS Cert CII (MP)

Nadia Khan DipPFS Cert CII (MP)

Wren Sterling

Financial Adviser, Mortgage Adviser, Will & Estate Planner, Investment & Wealth Manager, Pension Adviser

I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…

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