Pension pointers

scorpio_biker

Hi,

I wonder if you knowledgeable people could give me some thoughts on a current pension dilemma I have.

I had a pension with an old company I used to work for, and after a recent takeover they are offering a cash lump sum if I move the pension somewhere else. The pension sum to be transferred is around £44,000. I am 41 so my projected retirement age is 65 (I believe ).


Currently my husband and myself have some debt that we want to clear so that we can start making better provision for our later years. The lump sum offered is enough to clear a large proportion of those debts and help us on our way. Therefore this is a path we wish to take – if not just to stop those sleepless nights worrying.

We are both employed and currently paying into contributory company schemes – but mine does not allow me to transfer another pension in.

What I would like is an overview of the pension options that might suit me. I am not a knowledgeable investor, so an actively managed SIPP is probably not the best plan , but I am happy to do some legwork myself if required.

My intention is to see a IFA, but I wanted to have a bit of an understanding before I do this so that I am not baffled by them.

TIA.

EdInvestor

Is this a final salary pension?