DH died, I will receive his pensions, but I don't need them atm

[LegendaryReady]

I know, a good (financial) situation to be in but I'm not sure what to do.

I'm 51 and have a decent job and can support myself. I don't need the income now. However, our retirement savings were always considered "ours" and will now be vastly reduced. His defined benefit scheme will only pay half what it would have paid "us" and his money purchase scheme will pay me cash which I can't get any interest on.

By the time all the various schemes have been sorted, I think I should have about £300k in cash and a small annual pension of about £4500, which would be paid to me now.

The mortgage is paid off and I can live fairly comfortably on my salary.

The pension will tip my own income into the higher rate band, so I'll lose nearly half of it in tax.

Can I invest the lump sum and /or the income into a pension of my own, despite also having a good occupational scheme?

I know I need some financial advice, how do you go about finding a good financial advisor?

I am sure you can put the money into a pension or an ISA. Maybe speaking to your late husband's pension advisor might be a first step. I think they can point you to how/where to find independent FAs. You should speak to a few though.
Do you have children, or anyone for whom you would like to set up a trust?
I am sorry for your loss.

You only lose half to tax, of the amount that is above the threshold by the way. Not half the total amount. That's all I know to advise on

You can put the pension payments into your own pension, and get all the tax back.

If you need to look for financial advice, try your bank first or look at online reviews for independent financial advisors.

Go to a IFA rather than your bank but someone who is recommended to you would be a safer bet than someone you find on Google.

@Doyoumind

Go to a IFA rather than your bank but someone who is recommended to you would be a safer bet than someone you find on Google.

Yes, I don't know where I'm going to get a recommendation from though. No one I know has any money and I don't really want them to know I do!

My company used wealth at work but I don’t know if they give individual advice.

Legendary we have recently started using a proper financial advisor and it was really eye opening as to some of the things you can do to be smarter with your money/investments/pension. If you are interested, send me a PM and I can share his details

DH works in this field. He said he suggests contacting 3 IFAs for some initial free advice. See what your gut tells you when you've heard what they say.

www.moneysavingexpert.com/savings/best-financial-advisers/

Have you made a Will? If not maybe see a solicitor. They will have financial advisors that they can connect you with.

Definitely sounds like it makes sense to reduce your income (earns) by investing tax free in a personal pension and take your income level down so that remaining income plus income for pension is now below threshold for higher band tax.
Most companies, if you are still working, will have AVC (additional voluntary contributions schemes)or if it is defined contribution scheme anyway will allow you to make additional payments,, that you can divert your income into so that it all comes out before your PAYE and appears on salary slip. That would be easier than having to claim tax back by doing something on your own once your salary has been paid. Generally company schemes will work out cheaper for you as the management fees are scalable.
Read MSE, WHICH and other online sources for personal pensions and get to know how they work. You will need to decide eventually about things like taking your 25% tax free lump sum, and drawdowns vs annuity .get an appointment with Pensionwise as well. This is completely free and provided on behalf of the Government which you are entitled to. Just call and you’ll get 30-45 mins of clear guidance on how pensions work and sign posting of what to do next and what the way forward is. You can do that immediately before seeing a financial advisor so you are more clued up when you speak to them

Can you pay more into your own pension which would then be tax free? If the £4500 pension from your DH puts you into the higher tax bracket you wont be loosing it paying it into an AVC. If you don't need the money then I would invest all in an AVC until you are ready to retire.