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Pension sharing order. No current pension
LADYXXMACBETH
Posts: 232 Forumite
I have been awarded 33% of.my ex husband's pension in a divorce settlement. No assets have been split.
I only have a very small pension less than £1k with the council whom I worked for. I no longer work for them and I am currently unemployed.
I have no idea what to do with this pension sharing order.
Can I add it to the LPP pension I already have or do I need to set up a private pension?
I have no idea how.pensions work as I've never really had enough income to be able to pay into it.
Any advice gratefully received.
I only have a very small pension less than £1k with the council whom I worked for. I no longer work for them and I am currently unemployed.
I have no idea what to do with this pension sharing order.
Can I add it to the LPP pension I already have or do I need to set up a private pension?
I have no idea how.pensions work as I've never really had enough income to be able to pay into it.
Any advice gratefully received.
0
Comments
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Check if you can leave the pension where it is (the administrators of the pension scheme will be able to tell you that - nobody else can).LADYXXMACBETH said:I have been awarded 33% of.my ex husband's pension in a divorce settlement. No assets have been split.
I only have a very small pension less than £1k with the council whom I worked for. I no longer work for them and I am currently unemployed.
I have no idea what to do with this pension sharing order.
Can I add it to the LPP pension I already have or do I need to set up a private pension?
I have no idea how.pensions work as I've never really had enough income to be able to pay into it.
Any advice gratefully received.
If you have to move it, you will need to set up your own pension scheme to receive it (the LPP won't accept transfers once someone has left their employment). See https://www.moneysavingexpert.com/savings/cheap-sipps/
Lots of basic info: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics
Depending on the amount, it may be worth taking some proper (paid for) advice from an independent financial adviser.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
The Marriage, relationships & families board on here seems to have a lot of threads about divorce. Might be worth a look/ask.0
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On the flip side, it's a pensions question, and dare I say Marcon has already given the correct answer...flaneurs_lobster said:The Marriage, relationships & families board on here seems to have a lot of threads about divorce. Might be worth a look/ask.0
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