What to do with my share of pension awarded in divorce settlement?

[nigelsbigface]

I am just reaching the end of my divorce and financial settlement is at the stage of being sorted.I am getting a percentage of exh's pension as part of my settlement-about 50k.

I need a pension to put this in-I have an auto enrolled work one but I assume it can't go in that! Anyone any idea of how to set one up-I've looked online a bit and can see something about SIPP's which seems most relevant except you seem to have to pay in monthly and I don't want to do that-I pay in to my work one regularly-I just want something to put my lump sum in safely (I'm unlikely to have enough to save any more into it).

Anyone any experience in this area please?

We use a website called youinvest. You can keep your money in their cash account until you've decided what to invest it in (there are thousands of funds you can buy through them).

If you don't feel confident enough to manage it yourself, then it might be worth finding an IFA.

I got a IFA to help find me a pension to put my share in. He got a % of it and will every year for managing it based on its worth. Its paid from the fund so I don't actually give him any money as such.

I think that you should see a professional adviser, but if they're suggesting something you don't understand, e.g. investing in some strange financial product that seems just too complicated and where you feel you yourself can't describe to someone else what they're on about, then go with your gut feeling and double-check with another adviser. There are just too many products out there on the market, sometimes more or less scams to trick people into buying products that will increase the wealth of the fund manager but not so much the wealth of the person buying the product.

Thanks all -financial advisor it is then...I'm not clued up enough to sort it on my own I think...

Financial adviser here. First step would be to find out whether in fact your auto-enrolment scheme at work does accept transfers in.

Oh Thankyou sunseed-I has automatically assumed it wouldn't. I will give them a ring.