Pension Wise Declaration

Hi
Received a form from ex husbands pension provider re the transfering of his pension to my scheme.

It asks of me -
Are you transferring to access your pension savings YES or No.

Does anyone know what this means, he is transferring to me (the form is addressed to me) but I wont be accessing them until pension age.

Anyone familiar please ? thanks

I think it's something to do with over 55s moving defined benefit funds into defined contribution schemes so they can be converted to cash rather than taken as pension income.
It is possible that a yes response may trigger some advice about this being a bad idea - as it can indeed be.
Presumably you are not able to share within your ex's scheme so have to transfer out? Presumably also this has been taken into account in calculating an appropriate pension share.

Hadenoughnow

Thanks for the info.

No advise was taken and we opted for a 50/50 split of the £100K pension.

I do not know if I can share within the Prudential scheme my ex has. I thought that I would just have to transfer out into my own NHS scheme.

Think this highlights how ill informed I am so I may be wise to speak with Pensionwise ?

For info I am 51 and ex is 57.
Thanks again.

Paying the funds into your NHS scheme would likely be beneficial in income terms in the long run if the scheme will allow it. If you did want to have the option to access the funds as cash, you may want to consider lodging the money in a private pension. I would assume the Nationwide pension is a defined contribution one. Is this the only pension he has??

Hadenoughnow

Thankyou yes it is his only pension but i had next to nothing due to raising the children and full time carer for my Mum inlaw x

Just an update.

Spoke to NHS pensions and I can not transfer the prudential pension as you can only do that in your first year with the NHS. I can buy more pension though they say ?

Spoke to Prudential, I can set something up in my own name with them.

No fee for transfer from Prudential.

Think I need the help of a financial adviser asap, where is best place to look for one please?

Many thanks.