According to a new report, men in couples have substantially more private pension assets than women and pose specific challenges when divorcing.
Dr. Jennifer Buckley and Professor Debora Price of MICRA, the University of Manchester-based Institute for Collaborative Research on Aging, worked with the Institute for Pension Policy to understand the status of statistics and data, create descriptive statistics, and Understand what statistical modeling is possible in future research and inform important social and policy questions pension The result of divorce.
Researchers analyzed pensions wealth They are most often married men, with a median pension wealth of around £ 86,000 for men aged 45-54 (£ 40,000 for women) and £ 185,000 for men aged 55-64 (compared to £ 55,800 for women). For people between the ages of 65 and 69, the gap is even greater. The median pension wealth for men of that age is just over £ 212,000, compared to just £ 35,000 for women.
According to the data, about 90% of couples have pension assets, but in about half of couples with pensions, one partner has more than 90% of pension assets. Less than 15% of couples have nearly equal pensions.
Researchers have concluded that there is considerable potential for sharing pensions when it comes to divorce, which can have a significant positive impact on women’s finances in later years. They create videos that they want to be widely shared and help divorced couples understand the legal background of pension sharing.
Deborah Pryce, a professor of social gelontology at the University of Manchester, said: “I am very pleased to have created this analysis, which shows that pensions need to be taken into account in all cases.”
“It’s clear that considering divorce pensions can have a significant impact on the finances of posterity, especially women,” said Dr. Jennifer Buckley of the University of Manchester’s Cathy Marsh Institute for Social Studies. rice field. “Information for divorced couples is very important, and an important question about the long-term economic implications of divorce on pensions and why there is such an imbalance in pension assets within couples. Need to work on. “
Hillary Woodward, CEO of the Pension Advisory Group, said:
“Many divorced couples exclude pensions when deciding how to split their money and property, especially if they can’t afford to hire a lawyer, which can be a big mistake,” he said. Beth Kirkland of Law for Life / Advice Now said. “We wanted to help, so we created a survival guide that explains what to do about pensions, how to find the value of a pension, and what to do if it is essential to get expert advice. I have reached an agreement with my ex-partner. “
Tim Pike, Head of Modeling at the Institute for Pension Policy, said: With 107,000 divorces in 2019, one-third of couples reach formal financial settlement through court, and many other couples agree on how to split their assets with the help of lawyers or on their own We know that we will reach.
“All of these people were theoretically able to distribute their pension assets in a fair manner at the time of divorce, but research found no evidence to suggest that this was happening. Divorced women. There is almost no pension, much less than a married woman. woman..
“This asks questions that need to be answered regarding access and approaches to financial relief, as to whether the right people are getting the financial solutions they need and how the situation will improve. I will raise it. “
For the top 40% of households Household income, The median pension assets are above the median assets. This can be especially true for people who live outside London and southeast England.Trade-off between housing and pension divorce It is not always balanced, especially outside of London, as pension assets can outpace asset assets and increase the number of pension-rich couples.
Pensions and divorce: Exploratory analysis of quantitative data. www.research.manchester.ac.uk/… oratory_Analysis.pdf
University of Manchester
Quote: When the couple’s divorce (September 15, 2021) obtained September 15, 2021 from https://phys.org/news/2021-09-pension-inequality-major-issue-couples.html Big problem of pension inequality
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Pension inequality when a couple divorces is a big problem
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