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Pension options for divorcing couples
There are a three options when couples divorce, divorce settlement, earmarking, offsetting or sharing; I have explained them in detail below:-
PENSION SHARING
With Pension sharing a court order is issued splitting the members pension by a specific percentage. This then creates potential future pension debit on the members pension benefits.
OFFSETTING
This is the simplest and most used method. Each partner keeps there own pension assets, but these are then offset against other assets, such as the family home or cash savings.
EARMARKING
This is when a portion of the pension scheme of one of the divorcing couple is earmarked for the other spouse.
The above is a simple summary of the options available for a complete assessment please contact us.
What is the tax payable if I take my entire personal pension as a lump sum?
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