Pension News Women Encouraged To Make Most Of New Pension Regulations
23 May 2005
Female consumers are being called on to take advantage of new pensions rules.
According to the Guardian, women are not taking advantage of new regulations that have been designed to help fairly distribute pensions when people get divorced.
The director of financial planning firm Killik, Malcolm Cuthbert, said: “Whilst in some divorces pensions count for little as the couple are younger, after the matrimonial home, pensions are normally the biggest asset in a divorce settlement.”
Before the legislation was enforced women had to wait for their husband to retire and had no control over their benefits.
“The legislation is there to allow the value of a pension, along with other assets, to be split fairly after marital breakdown and provide a clean break,” Mr Cuthbert added.
Killik & Co claim that where women are not taking advantage of these rules a “pensions underclass” is being created.