So what do I do with inherited pension?

[dutters]

My father died last year and we have finally got probate. After using a lawyer to do the probate application it has all now become clearer and I think I know what I am doing in terms of my duties as executor

Last week my parents' financial adviser (who had been tying up a few loose ends for me) contacted me and asked what I wanted to do with the inherited pension. This was news to me as I hadnt really thought about it but it turns out my father had a pension which as a named beneficiary I am due 50% of.

The financial adviser said I could either take it as a lump sum (and pay income tax on as my father was 75+ when he died) or transfer it somewhere else.

My pension provision is currently a bit threadbare so I would like to keep it invested until I retire. My question is what do I actually need to do? The adviser said he could advise me but surely its just a case of giving the new provider my details and the transfer going ahead? I have small pensions currently with 3 companies - all major providers - so do I just contact one of those and give the details? Or is it more complicated and the adviser will be working to earn his £1000 fee?

Exactly as you say. Give details and they will transfer. I have a sipp and am invested in global tracker fund which is low fee.

I'd put it into a Sipp.

Contact your existing provider and they will give you a list of things they need -

For example each plan must be similar, you can receive your money on the same terms, you must provide proof of ID and Proof of address and you tax details:

The providers will check and see if they are compatible.

If not check another provider:

Also, think about the tax implications, it may be easier to get the money yourself and pay into a new scheme.

https://www.gov.uk/transferring-your-pension