pension fund???

Hi,

I asked to split my ex husbands pension due to divorce.Problem is I dont have a pension set up.I been advised in past that better wait as Im working part time.And I know that from this year every employer have to open one for each employee.
And today I found out that open one gonna cost me about 1000 pounds.As my ex doesnt work at the moment,he cant give me cash instead (this was original plan).Can his part of the pension could be transfered to our child trust fund?This really would safe me a lot of time and money.
Thank you

You really need advice from an Independent Financial Adviser with experience of pensions. There are tax concessions on pension contributions to encourage people to save for retirement and a pension fund cannot be liquidated or transferred to a different type of investment.

It''s usually possible to transfer your share of the pension to another provider or you may need to become a member of the same scheme albeit with different conditions. An IFA can advise on the different options and which one is best in the given circumstances.

Hi,

Spoke with Independant financial adviser abount my problem.Spoke with man from bank.Both said cant really help me.As recent rules about pensions changing so much.And according IFA no company would agree to take me on as we talking just about 2500 pounds.Help!!!Dont know that to do.Its funny really-by law Im intitled half of his pension but no way to take it.

If the original plan was for your husband to pay you cash one option would be for him to pay you a deferred lump sum some point in the future when he has a job.

Thank you Fiona,but I dont think its a good idea.He out off job since January and who knows when he will have other one.So I will be waiting that money for ever.Plus I dont thnk he will agree to this too.
I will see my solisitor this week,hope she abble to help me.