Pension sharing is an important part of the divorce law and process in the UK but nevertheless statistics show that women may be losing out on around “5billion” per annum in pensions at divorce.
Surveys show that more women would argue for their rightful share to a property, savings and income but only 1 in 10 would fight for their rightful share to a pension despite there being an average pot of around £132,000. It has also been said that more would argue for their pet then for their pension.
Scottish widows say women are particularly badly hit financially by the breakdown of marriage. Women are less well prepared for retirement than men, with 52 per cent saving enough for their old age compared with 59 percent of men. For divorced women the percentage falls to 49 percent.
Having said that it is also reported that there is a shift in attitude on the question of pensions at divorce. With increasing rates of divorces and the progressive rise in women in business, more women are now seeking legal advice.
Scottish Widows say that “usually women’s retirement prospects are worse than that of men due to the gender pay gap, maternity leave and career breaks”. It is most definitely worth seeking legal advice before agreeing to any final settlement in separation and divorce.