Apply for a benefit to settle the division of property following a relationship split
You may apply to the trustee to make a withdrawal from your member’s account to settle a division of your relationship property. You cannot withdraw funds from your employer’s account.* Any shortfall in the amount needed to settle the total amount owing will need to be made from other relationship property.
You will need to provide a relationship property agreement between you and your former partner signed by both parties and witnessed by a registered solicitor of the High Court. The agreement should clearly state the amount required to be paid from the Plan to make the relationship property settlement.
It’s important – and could be to your advantage – to make sure you include the correct date of separation, as any agreement made by you and your former partner is likely to be dated well after the date you separated.
If you have questions about a relationship property settlement, call Nick Economu on 0800 697 728 (choose option 2) or email firstname.lastname@example.org.
*You would need to apply for a court order to contribute funds from your employer’s account towards a settlement.
Any savings you have in the CSF (locked-in) section of the Plan also count as relationship property. A court order would be needed before funds from the CSF section could be transferred to your former partner. It is more likely that your former partner would get a larger share of other assets to offset your savings in the CSF section.