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Awarded a pension share on divorce or dissolution of a civil partnership
Your pension credit benefits provide an annual pension for the rest of your life normally paid from age 65 (or later if the order was issued after then). You can elect to draw your pension credit benefits on or after age 60 and before age 65 with a reduction for early payment. At the same time you will receive a tax-free lump sum ( three times your pension) as long as your ex-spouse or ex-civil partner had not already retired and received a lump sum when the order was issued. You also have valuable life cover.
These benefits are held in your ex-spouse/ex-civil partner's pension fund where they increase in value every year in line with the cost of living, until payment. Your pension will continue to receive cost of living increases every year, as it is paid to you.
Your ex-spouse/ex-civil partner's pension fund administrator will have provided you with details of the value of your pension credit benefits, at the point of divorce/dissolution. They will also provide you with an annual statement of your benefits, so you can see how their value increases every year.
If you are already receiving payment of your pension credit benefits, refer to receiving a pension – awarded a pension share on divorce or dissolution.
Contact your pension fund administrator with details of any changes to your address so they can stay in touch with you and arrange to pay your benefits when they become due.