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ARTICLE · 09 JANUARY 2012

A Pension Loophole

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Pension rights are very often an important marital resource which should be given careful consideration by any divorcing couple.

Isle of ManWealth Management
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Pension rights are very often an important marital resource which should be given careful consideration by any divorcing couple. Until the Matrimonial Proceedings Act 2003 (the "2003 Act"), it was not possible for the Isle of Man Court to make any orders directly regarding the division of pension benefits.

The pension rights of each party would of course be taken into consideration and, if there was much disparity between the rights of each party, the court could offset the value of those rights against other marital assets.

Now, however, under the 2003 Act the court is empowered to make orders directly dealing with pension schemes. These orders are as follows:

1. A "pension sharing" order – at the time of divorce the pension-holding spouse's benefit entitlement of the scheme is given a capital value, known as the Cash Equivalent Transfer Value ("CETV"). The CETV is calculated by treating the employed spouse as having left pensionable service at the time of

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