Pension Virgin!! Please help!

Tallienjk

Hello, I'm now 40 years old and a student nurse a third of the way through my nursing degree. Was married for 18 years and spouse sorted all finances. Have been left without pension that I had relied upon - he gave me a lump sum from house and I used it to get set up again and thought I would be able to get a portion of his pension but apparently because of the cash sum I could't claim. Anyway, all of this has made me have to wake up to the fact that I have no money savvy, no savings, no security and I am slowly but surely rectifying that. My question is that, should I wait another two years and then start my NHS pension which is supposed to be quite good, or get something started now, and if so, what do I go for? Any help will be much appreciated.

Tallie

dunstonh

The NHS pension is very good but you shouldnt wait 2 years. You should put money aside now into an appropriate savings vehicle, such as ISA. Then join the pension at the earliest possible opportunity.

I would be less inclined to do a personal pension in your case for the interim 2 years as there may be better "top up" options with the occupational pension where you saved money could be put to use. Alternatively, the saved money could remain in an ISA and make sure you have some lump sum savings behind you.