M&G Wealth’s Retirement Revisited report reveals that 70% of those who are divorced (or going through one at the time of survey) said that they didn’t receive any of their partner’s pension as part of their settlement, with this being the case in almost equal measure for men (69%) and women (71%).
However, 6% of respondents didn’t know they were even allowed to receive part of their ex-partner’s pension, and as for those who did know, only 8% of those asked said that it had been or would be part of the settlement. Within this figure, gender plays a part, with 11% of women having received or receiving their ex-partner’s pension compared to just 4% of men.
Surprisingly, age doesn’t always necessarily correlate with people’s experience of the topic. While almost a quarter (24%) of those over the age of 76 had received part of their partner’s pension in divorce, Millennials came in next with 15%, surpassing their elders Generation X (6%) and Baby Boomers (8%).
Kirsty Anderson, pensions expert at M&G Wealth, said: “No fault divorces in England and Wales were a landmark reform in 2022 which allow for marriages to be dissolved in a less confrontational manner and instead shifting the focus away from who is to blame to what practical decisions need to be taken.
“Although this means more attention can be directed to splitting assets, all too often pensions are still overlooked, despite being a valuable, even potentially the most valuable asset a couple has. And this can be an even bigger problem if the divorce occurs later in life when any shortfalls in long-term financial planning are harder to make up.
“Even if the split is amicable, reaching out to a professional financial adviser will enable you to benefit from advice unique to you and your situation, and can also be helpful if you and your ex-partner have children whose futures you also want to ensure will be financially supported.”
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