It is the second day of Pensions Awareness Week and Pensions Age have reported that according to research from the Money and Pensions Service over a third of over 50's are either making no preparation for their retirement or waiting until the final two years before retirement to do so.
It was said at the Brewin Dolphin Family Law & Wealth Conference 2020 this morning that it appears that more and more, particularly since the publication of the PAG Report in July 2019, family law practitioners are advising clients to obtain a Pension Sharing Order rather than offsetting pensions against other assets available for division on divorce. Perhaps this is because clients are becoming more aware of the need to prepare for retirement? It appears not from this article. Perhaps, and more likely, the PAG Report has highlighted to family law practitioners the pitfalls that are often fallen into by offsetting.
Over a third (37 per cent) of over 50s, equivalent to more than 3 million workers, will leave planning their retirement finances until the final two years before retirement or not prepare at all, according to research from the Money and Pensions Service (Maps).