Nearly three quarters (70 per cent) of people getting a divorce didn’t or won't receive any of their partner’s pension as part of the settlement, a report from M&G Wealth has revealed.

The report, Retirement Revisited, suggested that this lack of pension splitting in divorce settlements affects men and women in almost equal measure, as 69 per cent of men said they wouldn’t get access to their partners pension, compared to 71 per cent of women.

M&G’s research, which was carried out by Opinium, also discovered that 6 per cent of respondents didn’t know they were allowed to receive part of their ex-partner’s pension, while only 8 per cent of those who did know said that it would be part of the settlement.

However, gender was found to play a role in this figure, as 11 per cent of women had received or were receiving their ex-partner’s pension compared to just 4 per cent of men.

The report additionally revealed that the inclusion of pensions in divorce didn’t always correlate with age as, whilst almost a quarter (24 per cent) of those over the age of 76 had received part of their partner’s pension in divorce, a larger proportion of Millennials included pensions in divorce settlements (15 per cent) compared to Generation X (6 per cent) or Baby Boomers (8 per cent).

M&G Wealth pension expert, Kirsty Anderson, commented: “No fault divorces in England and Wales were a landmark reform in 2022 which allow for marriages to be dissolved in a less confrontational manner and instead shifting the focus away from who is to blame to what practical decisions need to be taken.

“Although this means more attention can be directed to splitting assets, all too often pensions are still overlooked, despite being a valuable, even potentially the most valuable asset a couple has. And this can be an even bigger problem if the divorce occurs later in life when any shortfalls in long-term financial planning are harder to make up.

“Even if the split is amicable, reaching out to a professional financial adviser will enable you to benefit from advice unique to you and your situation, and can also be helpful if you and your ex-partner have children whose futures you also want to ensure will be financially supported.”

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