UK Money News
6th December 2007
Pensions sharing rules 'need revisiting'
Pension sharing rules need to be revised in the interest of women who are not receiving adequate financial protection for later life when they divorce their husbands, according to one expert.
Independent financial advisor Ruth Whitehead is convinced that despite the introduction of pension sharing rules, many women are losing out financially after divorce and could need help with money as a result.
Ms Whitehead's comments come after finance news from the Ministry of Justice showed that in 2006 only eight per cent of female divorcees successfully claimed the right to half of the pension funds accumulated jointly with their partners.
"Wives are still very unhappy with the provision they are getting. Nothing is perfect in divorce…It has improved, but people are still not happy with the results," said Ms Whitehead, who is the principal of the Ruth Whitehead Associates company.
"It's about making sure that women in this position get the finest financial advice that they have ever had in their lifetime to make sure that what they have is reasonable, fair and just," she made clear.
A report from Scottish Widows in October highlighted the difficulties British women are having in securing funds for retirement by claiming that "when it comes to pensions, sisters still aren't doing it for themselves".
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