30 July 2020
The statistics were revealing: of the 369 court files with a final financial remedy order studied, 80% revealed at least one relevant pension and yet only 14% contained a pension order.
This discrepancy indicated a widespread lack of confidence amongst practitioners on the issue of pensions on divorce, poor quality pension disclosure on the court files and a substantial proportion of potentially unfair outcomes.
The Pension Advisory Group (PAG) is an interdisciplinary working group chaired by Mr Justice Francis and His Honour Judge Edward Hess, and supported by the Family Justice Council and the President of the Family Division. The purpose of the PAG has been to provide an in-depth analysis of how pensions on divorce should be approached, particularly in relation to valuing pensions and offsetting them against other capital assets.
The work has been supported by the Nuffield Foundation, an independent Foundation who aim for modern justice system that delivers effective legal and social justice for all.
Professor Debora Price, Professor of Social Gerontology at the University of Manchester said:
“We know that five out of six divorces do not feature a pension share, and that this is a very difficult and emotional topic for divorcing couples. We hope that with this report, there will be better understanding for everyone concerned about how important it is to think about the value of pensions and income in later life, even in the heat of a divorce.”
You can read more here: At the University of Manchester website: Treatment of Pensions after divorce or separation report published.
The Nuffield Foundation (Family Justice - pensions section) website: Pensions on divorce interdisciplinary working group