If you have a pension attachment order in your favour there are some new rules in force that you need to be aware of.

Background

It may be that when you divorced, your ex-spouse’s pension was part of the financial settlement. Generally pensions are divided in one of two ways:

• A pension sharing order
• A pension attachment order

Pension attachment orders are not used as much as they once were. If you divorced some time ago you may have a pension attachment order. Attachment orders are where the pension provider has to pay part of the fund to the divorcing husband or wife when the owner of the fund retires.

The Issue

The government have changed the rules so that people are no longer restricted as to when they draw down on their pension. This means that if your ex-spouse cashes in on their pension, it could leave you without a future income you were expecting.

Next Steps

Have a look at what was agreed at the time you divorced.  If you believe that there is a pension attachment order contact us on 01420 82881/88903 or email our Head of Family, Hannah Anderson at hannah.anderson@bookersandbolton.co.uk.

We offer a no obligation 1 hour meeting for £120 (inc VAT).