How We Help

Divorce & Health


Too often women do not discuss their pension during divorce proceedings. It is

vital that advice is sought sooner so that the financial advice can shape your divorce outcomes.

Divorce and separation can be very difficult for women and with children to care for and sharing

pensions and home ownership rights are easy to overlook.


Top Tips

  • Make sure you and your partner are aware of the legal rights of your relationship. Be aware that marriage and co-habitation rights differ, and this can have significant consequences for your joint finances if you spilt or are bereaved.
    Be open about financial matters from the start of your relationship. Set yourself financial goals.
  • Try and not leave all the financials to your partner as this will make it difficult for you in the of separation.
  • When taking out Insurance, be sure to think though whose name(s) the policy is best in, and who is listed as the beneficiary. This may make a difference to who can make claims, and who keeps the policy upon separation or when one becomes incapacitated or dies.
  • If you share a home, own assets, make sure you have considered how to protect yourselves in case something happens to one of you; such as Wills, Death In Service, Life Insurance.
  • In times of relationship breakdown, consider carefully how assets are split. At the time you may not give pensions any due consideration but in time this can have a great impact on your options in retirement.
  • Remember to consider and update your financial and pensions beneficiaries if the status of your relationship changes or breaks down.

Motherhood & Career Change 



Decisions around the time of motherhood including sharing care and returning to work can undermine women’s financial status if not fully thought through. More of us are caring for children in our 50’s, while also becoming carers for older relatives. Women are statistically more likely to forego career earnings to fulfil this role.

 

Top Tips

  • Check whether your workplace offers enhanced maternity or carer benefits. What happens to your pension whilst you are on maternity or parental leave? What contributions are being made and for how long
  • Get an update on your state pension
  • If you are thinking of being a carer or career change to look after family, then think about how this will impact on long term earnings
  • Consider how your relationship status might have a bearing on your family’s finances and entitlements
  • If you become a carer check what financial support there may be

Health Issues


Unfortunately we never know what may befall us or our partners and families, and being financially resilient can change the life course if the worst happens. Whether its your health, or a loved one, the financial consequences of having to take time off work and forego pay can be a worry. 


Top Tips 

  • Keeping abreast of your money can really help in times of stress. There is a very strong link between financial wellbeing, mental and physical health and wellbeing. 
  • Consider how much you should set aside in a rainy day fund that would cover your bills if you had to have time off work
  • Find out how your employer deals with sickness and absence – how much will you receive if any?
  • Have you thought about protecting yourself with accident, sickness and critical illness care
  • Make a Will, make sure you have specified beneficiaries for any pensions, savings and investments you may have 
  • Arrange Powers of Attorney so that finances are accessible in the event that you or your partner were to fall severely unwell or deemed unable to manage financial matters
  • Think about your retirement savings, and how you would pay for your home help and residential care in old age
  • Consider how your marital status might affect your rights in the event of illness or death
  • If you are co-habiting, you might need to take some legal advice to make sure your are protected. If you are divorced & receiving child maintenance make sure you understand if a provision in place in case something happens to your ex.

Planning & Entering Retirement


Planning for later life starts early.  With women having children later, caring and for and living longer, spending more time as retirees, retirement planning through life and in the run up to retirement is key, especially as many of us are likely to have to contribute to the cost of end of life care. 


Top Tips 

  • Think about how you would like to live in retirement and investigate how much you’ll need to set aside. 
  • If you are an employee, check your employer’s pension arrangements and the contributions. If you are not part of the pension consider joining. 
  • If you are self employed then investigate other options for retirement savings, there are a range of non workplace personal pensions 
  • Keep a regular check on the value of your state pension and any private pensions, ensuring that you keep a complete record of pensions from previous employers
  • Make sure you and your partner (if you have one) are clear about the financial relationship and have in place up to date pensions expressions of wishes to reflect this
  • Be aware of differences in your and your partners pension pots and consider what that means for later life planning and pension drawdown in retirement. Consider how much these things will be worth. 
  • Consider the potential effects of living longer. 
  • Make sure you understand the terms and conditions of your partner’s pensions (if you have a partner).  For example, can money be transferred to another scheme, is spousal consent required, and the extent to which pensions might fall to be taxed should one of you die.