This week is Pensions Awareness Week. It is often not understood that the majority of domestic pensions (excluding the basic state pension and new state pension) are capable of being shared upon divorce, including pensions that are in payment.
There is helpful guidance from HHJ Hess in the case of W v H (divorce financial remedies) [2020] EWFC B10 on how to approach pension sharing on divorce and the below post by Sarah Higgins gives a useful summary of that guidance.
Pension Sharing Orders are always expressed as a percentage, rather than a defined sum, and can be implemented by the pension trustees at any point within a four month window following receipt of (1) the sealed final financial remedy order; (2) the sealed pension sharing annex; (3) decree absolute or the final order of dissolution; and (4) payment of all outstanding charges requested by the pension scheme. This is important to know if you are continuing to pay into a pension that is to be shared as you may wish to cease making payments, provided there is no agreement that you will continue to do so, until the pension sharing order has been implemented.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
