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what does it mean ??

  • janet93
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30 Mar 12 #320778 by janet93
Topic started by janet93
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

  • maisymoos
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30 Mar 12 #320782 by maisymoos
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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.

  • The Divorce IFA
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30 Mar 12 #320784 by The Divorce IFA
Reply from The Divorce IFA
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.

  • janet93
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31 Mar 12 #321015 by janet93
Reply from janet93
Thanks,has given me things to think about x

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