what does it mean ??

Morning all,
I have just been awarded a 50% share in a pension with CETV value of £30,000.Can someone tell me what that means I get when I retire? I am 54 at the moment It''s with Scottish Widows so a private plan.
Thanks

If you are getting a 50% pension share. Effectively 50% of this pension will be transferred to you. What you get and what age will be in line with the rules for that particular pension scheme.

Hi,

Once the pension sharing order is implemented you will get a pension in your own name under your own control.

Because it is a private pension you will have to let Scottish Widows know where you want your share to be transferred it cannot be retained with them. (They may offer to set a scheme up for you).

But, do you have a pension already which could receive this pension or if not how will you set one up? If you are working is there a scheme at work that will take this pension.

The minimum retirement age is 55 under a personal pension so this will be the first opportunity you can take benefits.

If you retire later then the fund is likely to have had a chance to grow more.

As a basic idea of annuity rates at age 55, for one type of annuity the rate would be 4.8%. Therefore, assuming you bought an annuity with the whole of your pension pot this would give you £720 per annum.

You may well have other options to consider when you do retire.

I hope this helps as a starter. If you would like some further information, please post again.

Thanks,has given me things to think about x