All You Need To Know About Pension Settlements

How Divorce Effects Your Pension Funds?

Depending on whether it’s recorded as an asset in the financial statements, a change in relationship status will impact your pension.

PENSION

UK law has clearly detailed what should be done with pension in case of a divorce. Let us take a closer look.

Pension Division Key Aspects

The division of the pension depends on these four points:

1. Retirement
2. age Pension worth
3. Expected expense
4. Alternative income

Common Settlement Methods

1. Pension Sharing

Ex-spouse is awarded a percentage of pension.

2. Pension Offsetting

One party gets compensation in return for pension.

3. Pension Earmarking

Money paid directly to former spouse.

Course Of Action

In case of a divorce, the first thing that you need to do is calculate the pension that both you and your partner have.

Getting in touch with a solicitor who has experience in pension settlement cases is a good idea.

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