Your pension benefits can be worth a considerable amount, and if you go through a divorce/dissolution, the value of these benefits needs to be taken into account. The first step is to value your benefits...
Who can ask us to supply this value?
- As the member, you can
- Your solicitor can (with your authority)
- The court can (but only in special circumstances),
...but your husband, wife, civil partner or their solicitor cannot.
There are three main ways of treating your pension benefits during a divorce/dissolution:
Offsetting: where the value of your benefits is offset against other assets. So to take a simple example, you might keep your £60,000 worth of pension benefits, but your 'ex' would keep the £60,000 house.
Earmarking: where part of your pension is paid to your ‘ex’ at the point you draw it.
Pension sharing: Where the value of your benefits is split, and part of it used to set up your 'ex' with a completely separate pension pot.
There are strict time limits for sorting out the pension arrangements during a divorce or dissolution, so if you or your solicitor need information, please fill in the Matrimonial proceedings form (77 KB) , or call us on 0161 301 7000 or 0161 301 7047.