YEP says: Divorce should not open gender pension gap

Proof, if it were needed, that January is the most depressing month can be found from a variety of news stories.

Monday, 7th January 2019, 7:38 am
Updated Wednesday, 9th January 2019, 12:36 pm
Stock Image Divorce

Whether it is the post-Christmas credit card bill, the extra pounds you’ve gained, a pledge to give up drinking for dry January or just the long dark nights, this can be a month with little to cheer about.

Today, apparently, is statistically divorce day. The first Monday after Christmas is the day lawyers see a surge in families filing for divorce.

The date is understandable, some couples will choose to keep it together over Christmas for the sake of the family whilst others find tensions escalate and boil over at Christmas time.

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As if that’s not bad enough, it now transpires women in these divorce cases are likely to lose out further when it comes to sharing out the pension.

Sir Steve Webb, who is now director of policy at Royal London, said divorced women “are ending up as the poor relations when it comes to pensions wealth in later life”.

Focusing on those who are aged over 50, the average married couple has three times the pension wealth of the average divorced woman, analysis from Royal London found.

Perhaps it’s not surprising that if there’s a gender pay gap, then a gender pension gap would follow. But that doesn’t make it right.