A study commissioned by Phoenix Group, and reported on Family Law Week, has found that after getting divorced one in five (19%) women stopped paying into a pension altogether and a quarter (25%) reduced their savings.
The research also reveals that two in five divorced women (42%) say they are worse off financially after divorce. Additionally, half of divorced women made no contributions at all to a pension scheme whilst married, but only one in six had rights to a pension through their ex-husband.
Further findings were that whist 66% of female divorcees over 40 rely on the State Pension in retirement, only 29% rely on their savings and 12% on their investments. One in five (20%) have no idea at all about their pension provision since their divorce. A 'staggering' two in five (38%) have no idea what settlement they received following their divorce and only 6% received pensions sharing order or a pension earmarking order.
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