According to a report from Norwich Union Equity Release, middle-aged women divorcees are facing a funding crisis. Just four per cent of the 440 divorced women aged over 50 surveyed in the report received any of their husbands pension fund after divorce or separation despite recent legislation giving women a better deal on pension splitting.
The study found that 77% of women realise the difficulty of surviving on the current state pension but are not in a position to save money for an adequate pension fund of their own. But most of these women are 'asset-rich', owning their own home outright, either alone or with their partners, and women are more likely than men to be awarded the house in a divorce settlement.
The survey shows that 29% of 50-54 year old women are relying on their property as a means of generating income in their retirement.
Our view
Both men and women cannot have it all. Property, pension, cash or a share of them all. There are no winners or losers in divorce.