pension after divorce settlement

44pinkpink

Hello...please can someone ease my worried brain?

I'm almost divorced and need to sort my money out.
Have agreed the settlement with his lawyer and mine, but am panicking as to what to do next.
Ex is paying a share of his NHS pension to me
I have a tiny NHS pension which I'm waiting to get the cash transfer value of.
I have two other small pensions in my name.

I rang Friends Provident to join my company scheme this morning - i apparently can't add my ex's pension share to the company one.

What should i be doing?

I'd love some guidance please

EdInvestor

44pinkpink wrote:

Ex is paying a share of his NHS pension to me

You will need to set up a pension ( or choose an existing plan) to receive this money.

I have a tiny NHS pension which I'm waiting to get the cash transfer value of.

Almost certainly you should leave this pension alone.

I have two other small pensions in my name.

Can you give some details about these.

I rang Friends Provident to join my company scheme this morning - i apparently can't add my ex's pension share to the company one.

Is this an occupational money purchase pension scheme or a group personal pension scheme? Are you already a member of it? Does the employer make a contribution?

44pinkpink

thankyou -

OK I'll leave the NHS one as it is

Norwich Union stakeholder pension - value around £4,310
Zurich value 18,763 a year ago


the company one is with Friends Provident - the employers pay into it as well - not sure how much but i can find out


(i've forgotten what you asked me now, so will send this and answer the other bits later)

44pinkpink

no i'm not a member of the company scheme yet.

Bossyboots

Agree with EdInvestor. It just so happens that I know someone in exactly the same boat who was told just last week that she cannot put the funds from her ex's pension into her company scheme. She is therefore looking to start a new pension and is currently seeking advice on the best place to invest as she has no other scheme going to pay it into.

EdInvestor

44pinkpink wrote:

thankyou -

Norwich Union stakeholder pension - value around £4,310
Zurich value 18,763 a year ago

Suggest you consider transferring the money from these two old pensions and the ex husband's pension into a low cost online SIPP and invest all the money together. THese are much easier to manage for individuals than pensions of old and give you access to all the best funds.

If you think you would want to invest in funds have a look at the SIPP offered by https://www.hargreaveslansdown.co.uk. For shares and funds, try https://www.sippdeal.co.uk

the company one is with Friends Provident - the employers pay into it as well - not sure how much but i can find out

As a separate issue, you should consider paying into this one - enough to trigger the free money from the employer.

44pinkpink

Thankyou EdInvestor - i'm having a look at that website now