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In a divorce settlement how can a pension fund cash value be considered equivalent to other assets such as cash in the bank or the house. A pension is subject to income tax on withdrawal of up to 40% and it cannot be used at all until the age of 55. As a result the comparison to assets that can be spent today and have no tax attached is incorrect. Ie as an example I would rather be given 400,000 cash today than 500,000 in a pension fund I can’t access for 20 years and I will pay tax on when I can access.