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When relationships end

Pension sharing

Pension sharing is one of the options available on divorce or the dissolution of a civil partnership.

If you decide to opt for pension sharing on your divorce or dissolution of your civil partnership, the Court will issue a pension sharing order (PSO) which sets out how much of your pension schemes, your ex-spouse or partner is entitled to receive. The amount is expressed as a percentage of the transfer value(s) of the scheme(s) that are to be split. Similarly, the pension sharing order may set out how much of your ex-spouse’s or partner’s pension you will receive. Each transfer value is worked out the day before the pension sharing order comes into effect.

Pension credit

The pension awarded to your ex-spouse or partner (or the pension that you are awarded from your ex-spouse or partner) is called a pension credit, and can be transferred to an existing or new pension scheme that is able to accept the transfer. The pension scheme may insist that your ex-spouse or partner (or you) have to transfer out. In some cases, you may be able to join the original pension scheme but this is not common.The original pension scheme may charge you for the calculation and/or the administration of the sharing order.

Deferred pensions

If a pension credit remains in the original scheme, it will continue to benefit from any increases that the scheme gives to deferred pensions. Schemes may charge you and/ or your ex-spouse for the costs of administering the pension sharing.Pension sharing is also available from schemes where retirement benefits are already being taken, although the process is more complicated and fees charged may be higher.

Frequently asked...

Where can I find out more?

If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.

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