The impact of the coronavirus outbreak on pensions

Pensions are often one of the most valuable assets for a family.  However, they are also complex assets, requiring careful thought as to their nature, value and potential treatment within the context of financial settlements on divorce. They can be overlooked and are often misunderstood. 

What do divorcing couples need to consider now?

• Valuation of the pension assets may be difficult to pinpoint.
• The types of pension(s) will be important when considering the form of an overall financial settlement.  Combinations of pensions will require very careful consideration as to appropriate valuation and division so as to achieve a fair settlement.
• It is entirely possible that valuations and assumptions used in pension on divorce expert (PODE) reports, even those produced only very recently, have been undermined.  It would be sensible to review reports and seek updated calculations if you are looking to agree a financial settlement. 

The impact of Covid-19 means that, more than ever, specialist legal and PODE advice is required to assist clients through the maze of pensions on divorce. Mills & Reeve are internationally recognised for their expertise in advising on pensions on divorce and are able to discuss your concerns by telephone or video-conferencing.