30.01.2024

How to help divorcing clients navigate pension sharing

How to help divorcing clients navigate pension…

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  • 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
  • IFAs
  • Financial Advice
  • divorce finances

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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