pension help

juneville

hi, today i have received my lump sum from my nhs pension, i'm 43 years old and retired on ill health grounds. obviously i would like to invest this for my future although home improvements would really help my access in my house. i really don't know how to invest it. I am in a debt management plan after defaulting in an iva due to loss of wages, its taken me 3 years to win my appeal for my pension. therefore i have a crap credit rating. would i be better putting it into isa's, a pension or a fund that will give me a lump sum in 10 years or so. i get confused really easy so need things explaining very simply please:rotfl:

Jegersmart

You need to get some professional advice, preferably someone you know you can trust along with having the acumen to assist.

Do you have any family or friends who can refer you to someone?

J

Hominu

You would be better using it to pay off your debt.

dunstonh

Probably best not to not take as much lump sum from the NHS pension as the ratio of income lost vs lump sum received would probably see an early breakeven point on age 43.

juneville

i received £9,000 as my lump sum, i was pensioned on tier 1 of the pension. i have spoken to my debt management company who suggests putting it away in an isa or somewhere similiar and then i can use it as leverage when the iva company finally give me a certificate of defiation. i've been waiting over 12 months so far.