who will manage my pension when I can't

simon_the_celerer

I am in the middle of setting up a SIPP with Sippdeal with the intention of investing in dividend yielding shares. I will be taking drawdown on a % of the dividend yield and investing the rest into the SIPP. If I become too senile to manage it in the future or die and my wife isn't able to manage it who can/should I get to manage it for me without costing too much?

Aegis

Is there anyone you trust enough to look after you to whom you could give Power of Attorney over your affairs, to be registered for use only if you become incapable of looking after them? This can be anyone, it doesn't have to cost you more than the actual document.

simon_the_celerer

I don't think just anyone who has power of attorney will necessarily know how to manage the SIPP. Is there any company out there that specialises in managing SIPPs for a reasonable monthly charge?

Linton

You could buy an annuity.

simon_the_celerer

Annuities rates are so low these days and once you die the money goes into the pockets of the insurance company

kidmugsy

simon_the_celerer wrote: »

once you die the money goes into the pockets of the insurance company

Oh !!!!!!!!: why do people keep repeating this dimwitted nonsense?

Jack_Griffin

Rates might be much better by the time you have to make a decision to give up active control.

Neverland

simon_the_celerer wrote: »

Annuities rates are so low these days and once you die the money goes into the pockets of the insurance company

Your original post was the reason that previously everyone was forced to buy an annuity at 75

Now you don't have to, I think your beef is with annuity rates to be honest

Linton

simon_the_celerer wrote: »

Annuities rates are so low these days and once you die the money goes into the pockets of the insurance company

No. If you die early the money goes to pay the annuities of those unfortunates (in a financial sense) who die late. On average the pension company makes enough to pay its costs and a comparatively small profit.

As to annuity rates being low these days - they are much higher when you are old and who knows what they will be when you are unable to manage your own drawdown.

dunstonh

simon_the_celerer wrote: »

Annuities rates are so low these days and once you die the money goes into the pockets of the insurance company

What about those that have death guarantees?

Also, I think you miss the point of annuities.