One in five women abandon their pension payments after divorce, according to new research from financial specialists the Phoenix Group.
Half of married women, meanwhile, make no contribution to their pensions while married, despite the fact that only one in six have any rights to their husband’s pension.
More than a third of the women featured in the survey (38 per cent) said they had no idea what had happened to the pension provisions they held during their marriage following their divorce. A tiny six per cent had been granted specific pension sharing rights.
The Phoenix Group described the figures as “startling” as a couple’s pension provisions are likely to be their largest assets after their home. Spokesperson Shellie Wells said many divorced women face an uncertain future. “Not only have many given up rights to their husband’s pension provision, they have often stopped paying into their own pension plan; dipped into savings and at worst, lost contact with any savings they have accrued.”
“It’s vital that women take action now to ensure that their long-term financial security is provided for and that those going through a divorce really understand their family finances and what they are entitled to, preferably seeking expert advice, as our research found that a quarter of couples (26 per cent) opt for a DIY divorce and risk losing out in their divorce settlement.”