ChatterBank1 min ago
Lose my pension
I am currently going through a divorce and I am wondering what kind of rights would my Wife have over my retirement pension, which is due to be paid in approximately 3yrs? Does she automatically have half of what I have paid in, not sure really.
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Your pension will have to be �actuarially assessed�. That is, the value of your pension �pot� will have to be calculated. Depending on its terms, your wife could be entitled to up to half this sum which will be payable in cash upon your divorce settlement. Bear in mind that (heaven forbid) you may die before you see any of your pension benefits, but she gets her half up front in cash now.
It could be that any payment might depend upon the number of years you were married. Did you start the pension before you were married or during the marriage? If during then she will more than likely get half. Not sure though whether or not this would be paid to her as a lump sum or the money would have to be invested in a pension in her own name.You must also remember that you will be entitled to claim on any pension that she may have provided for herself during her employment and of course the same conditions will apply. Sorry state hope everything turns out OK