DH paying into a pension in my name?

System

molerat wrote: »

. There is no such thing as a joint pension.

Family SIPPS?

This from the James Hay website:

"Transfers and contributions
Each member’s share of the fund can receive contributions from individuals or employers and transfers from other pension arrangements. "

jamesd

The key part of that is "Each member's share". It's just a collection of personal SIPPs and the ability to make payments or transfer is normal for pensions. It's not referring to transferring pensions from one person to another, except death benefits.

What it offers that is a little different is perhaps some ease of administration where a group of people want one person doing the investment administration. There are other products that allow one person to make investment decisions for another, like the HL Vantage SIPP that has connected accounts.

mania112

A pension can only be for an individual.

Which is sort of surprising really. When a person reaches a certain age and/or a certain level of wealth their primary concern tends to be for their family, on death. So not being able to directly 'give' their pension to their offspring seems a bit poor. I think if this was to become a feature of pensions they would be a lot more popular.

(I know there are death benefits in a pension before I get the '!!!!!!' replies, i'm thinking more along the lines of children being able to continue the pension as if it was theirs all along, tax free etc)

dunstonh

jamesd wrote: »

The key part of that is "Each member's share". It's just a collection of personal SIPPs and the ability to make payments or transfer is normal for pensions. It's not referring to transferring pensions from one person to another, except death benefits.

What it offers that is a little different is perhaps some ease of administration where a group of people want one person doing the investment administration. There are other products that allow one person to make investment decisions for another, like the HL Vantage SIPP that has connected accounts.

There are also providers that allow you to link family members accounts (including pensions) for charging purposes. Each pays it's own way but the fund based discount is based on the size of the family holdings and not the individual. Each retaining it's own control though.

System

jamesd wrote: »

The key part of that is "Each member's share". It's just a collection of personal SIPPs and the ability to make payments or transfer is normal for pensions. It's not referring to transferring pensions from one person to another, except death benefits.
.

That is exactly what the Axa Suntrust SIPP does:


"The product allows members of the pension to allocate varying levels of investment growth to different members.
It is commonly used to transfer pension benefits from parents to children without incurring tax charges."

jamesd

'an HMRC spokesperson warned: "Tax charges may apply where members surrender their rights to other individuals within a SIPP."'

I don't see a mention of that feature in their current literature but maybe it's mentioned in a detailed guide somewhere. What it would do is move investment returns from one person to another, not the actual pension pot directly. But the other firms appear to believe that it would generate an unauthorised payment charge if it was done.