Pension reform 'will help divorcees'

Divorcees may be able to access their former partners' retirement funds, it has been reported.

Mike O'Brien, the minister of state for pension reform, is going to remove the legal barriers currently in place to prevent such a situation, Public Finance has revealed.

"At present it is not possible to divide PPF compensation upon divorce - although courts take it into account - and we want to make things simpler and fairer, especially for women," Mr O'Brien said.

PPF stands for pension protection fund, designed to improve confidence in pension schemes.

It covers up to £25,000 worth of occupational pension liabilities in 90 per cent of all insolvent firms.

The PPF was first created under the Pensions Act in 2004.

GPs wondering how the new legislation will affect their NHS pensions may wish to speak to Wesleyan Medical Sickness, which provides specialist financial advice for medical professionals.

Source: Public Finance

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