Last week the Nuffield Foundation’s Pension Advisory Group (PAG) published 'A Guide to the Treatment of Pensions on Divorce' for family lawyers and the public. PAG is composed of judges, lawyers, actuaries, financial planners and academics.
Withers partner James Copson, a co-author of the guide, said: ‘Before pension sharing was introduced in 2000 many women lost out on divorce because they could not share their husband's pension.
‘In the years since a lack of understanding of the complex issue of how to deal with pensions on divorce has meant that they have lost out once more. What worries me is that, when the waves roll back to uncover the true financial impact of the profession's failings on the subject of pension sharing, there will be a tidal swell of negligence cases against lawyers.
‘Very few family lawyers really get to grips with the true value of a couple's pensions both at the outset and when negotiating financial awards.’
Meanwhile, the Law Society has called on the government to cut the current £550 court fee for divorce applications.
Giving its written evidence to the bill committee on the Divorce, Dissolution and Separation Bill, the society said the fee added an extra financial hurdle to what was already a costly process. Law Society president Simon Davis said: ‘The government’s new online divorce system will cut the cost of administration for the courts and this should be reflected in application fees.’
The Bill introduces ‘no fault’ divorce, the option to file a joint divorce petition and a 26-week notice period instead of the current two- or five-year separation period.
