The government has recently updated the timetable for the rollout of the “Pensions Dashboard”.
The aim is that the pensions dashboard will allow individuals to see their pensions information (which will include state pension) in one place, and will also “reunite” individuals with lost or forgotten pensions. The government hopes that the ability to access this information will allow and encourage individuals to better plan for their retirement. This should be in place by 31 October 2026, and so there will be a short delay before it is available.
How might a pensions dashboard be relevant to the divorce process?
Where an individual has failed to fully reveal their pension pots as part of the financial disclosure process on divorce, it can be tricky for the other party to prove that there are additional pensions which should be taken into account in the settlement. The options available to obtain that disclosure can be lengthy, complicated and expensive, with no guarantee of a positive result.
It is hoped that the implementation of a pension dashboard will ensure full disclosure of pensions, so that they will be taken into account on financial settlement and reduce the risk of an unfair outcome.