Investing Pension-Share Lump Sum

gammyleg

Hi,
As part of her divorce financial settlement, my partner may soon be receiving a lump sum payment from her ex's pension fund. It is likely to be about £32000. Her current DB local government pension scheme will not accept a transfer of these funds into their scheme so it will need to be invested elsewhere.
Is setting up another private pension a good choice for this or are there better options to look at? A low risk suggestion would be preferred.

Thanks

GL

MallyGirl

some form of stakeholder pension that accepts transfers in would probably be a good option

xylophone

some form of stakeholder pension that accepts transfers in would probably be a good option

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/transfer-pension-scheme/#

A stakeholder pension scheme is currently the only type of scheme which must accept any transfer from another registered pension scheme.


https://www.cavendishonline.co.uk/stakeholder-pension

Above might suit?

gammyleg

Thanks for your replies. Another question if I could...

Her ex has four pensions in total and the combined CEV of two of them would amount to £32000. Rather than extracting the CEV money and re-investing elsewhere ( presumably with costs ) is it possible leave the money in them and just transfer ownership of these two pensions into her name? Both are DC pensions.

GL

xylophone

Do you mean that your partner would seek to open a pension with each of the two providers and ask for the pension share to be transferred into them?

A transfer of the whole to a stakeholder would seem easier?

gammyleg

xylophone wrote: »

Do you mean that your partner would seek to open a pension with each of the two providers and ask for the pension share to be transferred into them?

Not quite. My thoughts were that all that needs to be done is that the name of the beneficiary of each pension is changed from his to hers. A simplistic approach and probably one that would have the pension companies running for the hills - think of all the lost administration charges!!