According to the Office for National Statistics, in 50 years’ time it is anticipated that there will be an additional 8.2 million people aged 65+ in the UK. This is a population nearly the size of London, and it means that 1 in 4 people in the UK will be in this age bracket.
The United Nations’ International Day of Older Persons is marked annually on 1 October. While celebrating the fact that people are generally living longer, it is also an opportunity to highlight and explore some of the issues and challenges facing the older people in modern society.
Because of the ageing population, we are also seeing that divorce rates are higher among older people. Divorces and dealing with finances can often be more complex when you are of retirement age; for example, there are larger pension pots, higher-value properties and state pension entitlements to consider.
Pension rights often form the second-largest asset on marriage breakdown and, generally, older people will have more money in their pension pots. Couples who are over 65 today may consist of a husband who has worked and a wife who has not, or who has had more limited working years and lower earnings. On separation, there will be concerns around how each party will manage financially and how pensions will be divided on separation. Once the husband and wife are retired, their income will often be set with limited, or no, ability to increase this. There are various options when dealing with pension rights on divorce, such as offsetting, pension attachment and pension sharing.
How can we help you?
Here at Lyons Davidsons, we have a specialist lawyer who can assist you. Carol Chrisfield is an experienced solicitor in the divorce and finance team. She is an accredited specialist in complex financial disputes. She is also a member of Resolution, whose aim is to provide a sensible and constructive approach to resolving these issues and disputes. She will be able to help guide you through the complexities of a separation, whatever your age. Contact Carol by emailing [email protected] or calling 0117 904 5958.