Significant change to Ear-marking Orders in matrimonial proceedings
27 May, 2015
The Daily Telegraph reported on 20 May 2015 that a large number of women who were relying on regular payments from their ex-husband’s pensions payable under Ear-marking Orders may be left with nothing in old age as a result.
Ear-marking Orders were designed to ensure a fair division of the pension income when one spouse had built up a larger pension than the other during their marriage.
When Ear-marking Orders were made there was an obligation that the pension lump sum would be used to buy an annuity and provide a regular income on retirement. That is no longer the case.
It is important therefore that if you have an Ear-marking Order that you obtain legal advice immediately as any amendment to the Order can only be made before the fund is depleted.
For further information please contact a member of our Family Law Team who will be pleased to discuss this with you.