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03 January 2023

70% of divorced Britons say they didn’t receive a penny of their partner’s pension

2023
  • 70% of those who are divorced (or going through one at the time of survey) said they didn’t or won’t receive any of their partner’s pension as part of the settlement

  • 6% of people didn’t know they were allowed to receive part of their ex-partner’s pension

  • In fact, just 8% going through a divorce or divorced said they had (or will receive) part of their partner’s pension - split 11% of women and 4% of men

M&G Wealth’s Retirement Revisited report reveals that 70% of those who are divorced (or going through one at the time of survey) said that they didn’t receive any of their partner’s pension as part of their settlement, with this being the case in almost equal measure for men (69%) and women (71%).

However, 6% of respondents didn’t know they were even allowed to receive part of their ex-partner’s pension, and as for those who did know, only 8% of those asked said that it had been or would be part of the settlement. Within this figure, gender plays a part, with 11% of women having received or receiving their ex-partner’s pension compared to just 4% of men.

Surprisingly, age doesn’t always necessarily correlate with people’s experience of the topic. While almost a quarter (24%) of those over the age of 76 had received part of their partner’s pension in divorce, Millennials came in next with 15%, surpassing their elders Generation X (6%) and Baby Boomers (8%).

Kirsty Anderson, pensions expert at M&G Wealth, said: “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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Notes to editors

Research was carried by Opinium among 900 UK adults (18+) with 500 of them planning on retiring in the next 12 months
M&G Wealth is part of M&G plc. It has four main parts, M&G Wealth Advice, M&G Wealth Platform, M&G Wealth Investments and a retail investment funds business, M&G Direct. 

M&G Wealth launched a HYBRID advice business - ‘MAP your future’ - in late 2021, initially to a part of its existing customer base, where clients, often with modest wealth and a simpler set of financial needs, are able to get access to the advice that they currently find difficult to obtain – either because of the costs involved or the commercials commonly associated with an advice business (making it impractical to offer services to lower sums invested). 

At the start of 2022 M&G plc also completed the acquisition of Sandringham Partners – an independent financial advice arm of M&G Wealth. 

In January 2022 M&G plc announced a partnership agreement with Moneyfarm, a leading digital investment specialist, to provide direct investment services to UK consumers. M&G Wealth will use Moneyfarm’s existing technology, digital capabilities, and investment guidance journeys to back its own branded proposition.

In February 2022 M&G plc acquired TCF Investments to provide model portfolio services (MPS) and in April 2022 added a new range of six model portfolios focused on investing globally and incorporating ESG factors in its investment process.

In August 2022 month M&G announced that it was taking an initial 49.9% stake in National IFA Continuum Financial Services with a scheduled agreement in place to acquire the remainder over the following two years.
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M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

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