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Pension sharing in divorce- where to put my slice?
hubblebubble
Posts: 311 Forumite
My husband and I are divorcing. As part of the divorce agreement I will receive a share of his bank pension, worth approx 200k.
I have a small civil service pension of my own. I have asked the civil service customer service team if I am allowed to transfer this into my current pension. The person I spoke to was unable to assist and has sent the request to another team to call me back.
If it is not possible, I guess I need to look at a personal pension scheme.
Where do I start with regards to finding a suitable pension scheme?
Thanks for any advice.
I have a small civil service pension of my own. I have asked the civil service customer service team if I am allowed to transfer this into my current pension. The person I spoke to was unable to assist and has sent the request to another team to call me back.
If it is not possible, I guess I need to look at a personal pension scheme.
Where do I start with regards to finding a suitable pension scheme?
Thanks for any advice.
`Save a little money each month, and at the end of the year, you'll be suprised at how little you have. 
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Comments
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Talk to a local IFA to set up a personal pension.0
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Can you leave it in the bank scheme? Is the bank scheme final salary?0
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I agree, look into if you can leave it in the bank scheme if allowed. It could have better charges than some.
And if it is FS you definitely want to leave it there, in your own name.0 -
I saw an IFA today. My occupational pension will not allow me to invest my slice of the Exs pension in it, and neither will the Ex's employers allow me to keep it in there. So I will have to arrange a personal pension plan.
The IFA I saw offered to help chose me a suitable plan and run it for me. He quoted a flat one-off fee of 3%. Is this about average?`Save a little money each month, and at the end of the year, you'll be suprised at how little you have.0 -
The IFA I saw offered to help chose me a suitable plan and run it for me. He quoted a flat one-off fee of 3%. Is this about average?
Percentages are relative to an amount. 5% on one amount can be lower than 3% on another. 3% on £200k is high. You should be looking for £2k typical.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
How old are you, OP?Free the dunston one next time too.0
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I am 44.
Aim to reduce work hours at 60 and take my civil service pension. And retire fully at 65 and take personal pension....`Save a little money each month, and at the end of the year, you'll be suprised at how little you have.0 -
What's that, about 100 hours work or just 1-10?Percentages are relative to an amount. 5% on one amount can be lower than 3% on another. 3% on £200k is high. You should be looking for £2k typical.From the late great Tommy Cooper: "He said 'I'm going to chop off the bottom of one of your trouser legs and put it in a library.' I thought 'That's a turn-up for the books.' "0 -
Divorce cases are money for old rope for an IFA (when shadow-membership is not possible).
3% is slightly on the high-side, but not out of the ordinary.0 -
hubblebubble wrote: »I am 44.
Aim to reduce work hours at 60 and take my civil service pension. And retire fully at 65 and take personal pension....
You still have 11 years to go before the earliest age at which you could withdraw money from a personal pension. In your shoes I might be looking to diversify my £200k over, say, two different suppliers, as long as the cost of that was low enough. You could always put that proposition to your IFA.Free the dunston one next time too.0
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