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.
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.