The 2014 budget introduced several changes to pensions, which will affect people who have their own personal pension or a workplace pension where the amount you save depends on the contribution/investment you make and not the salary you earn.
A summary of the changes is set out at https://www.gov.uk/government/news/budget-2014-support-for-savers-announced
The changes include that from April 2015 anyone with a defined contribution pension will be able to take money from it at the age of 55 and pay tax on it at the normal rate. There is also a requirement for pension providers to provide impartial advice on retirement options.
In divorce cases, pensions can be one of the biggest if not most valuable assets in the case.
At QS Dunn & Baker, we have experience in dealing with financial settlements on divorce including pensions. We work closely with pension experts and financial advisors to ensure that all settlement options are considered. Those options may now be wider following the changes to pensions in last month’s budget which highlights the importance of taking advice and making informed choices in relation to pensions.
If you want advice on the financial issues arising on separation/divorce, please contact one of our specialist family finance solicitors Darren Cleverdon or Rebecca Wilson.