Life Insurance and Pension Adjustment Orders

AThe court has power to order one or both spouses to take out life insurance or assign the benefit of an existing policy for the benefit of the other spouse or dependent member of the family. The proceeds of a life policy will substitute for maintenance and/or loss of Succession Act rights if the providing spouse dies before the benefiting spouse.

AThe court has power to divide pension entitlements, both as to retirement and death in service benefits between the spouses and/or dependent members of the family. The advice of a pension expert can be sought to assist in formulating any claim for a Pension Adjustment Order.

AProvided proper provision is made by way of property adjustment order, lump sum, pension and/or life insurance, a renunciation and extinguishment of Succession Act rights should be made. It is important after separation matters are finalised that you make a new will.