It is also a resource that is often held by one party because, for example, the other party had given up their job to look after children. It may be that this pension can be shared or that one party will receive a greater proportion on an asset, such as the matrimonial home.
Pension sharing is just one option that the court has in considering how a pension fund should be divided.
Other options include pension ‘offsetting’ and pension splitting, known as ‘earmarking’.
In ‘offsetting’, the pension fund value is ‘offset’ against other matrimonial assets, such as the house.
In an earmarking or sharing order, the transfer value of a fund would be shared between the parties on a percentage basis.
Pensions should always be considered during any financial settlement.
Thursfields Family Team has experience in dealing with modest and sizeable pensions. They are able to work with teams in order to identify the bet possible resolution for our clients. Our expert team of lawyers have had experience with all manner of private pensions, public service pensions to include doctors, military, police and other civil service pensions.