Pension sharing

all hands in

Pension sharing is a common option due to it offering a ‘clean break’ when sharing pensions with your ex- spouse. It’s called the ‘clean break’ option because you become a Pension Credit Member (PCM) of the Scheme as soon as the order is implemented. Your ex-spouse/partner will become a Pension Debit Member (PDM).

This means you each have your own right to a pension from the Scheme and can manage it through your own individual records. If you were already a member of the Scheme in your own right, you’ll have two separate records, one with your service accrued in the Scheme and one detailing your pension sharing order.

The pension sharing order is effective 28 days after the date upon which the order is made, or the date of the decree absolute, whichever is the latter. Schemes will then have four months to implement the order. If either you, or the Pension Debit Member dies after the date of the sealed pension sharing order but prior to the effective date, the pension sharing order can’t be implemented.

Last Updated: 22/10/2024 12:10