We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Who legally owns the pension income?
Jon12345
Posts: 97 Forumite
Imagine you have a married couple of say 80 years old. The husband has worked all his life and built up a pension. His partner was his wife, who was a stay at home mum.
From a legal perspective, is that pension income half the husbands and half the wifes? Or all the husbands?
From a legal perspective, is that pension income half the husbands and half the wifes? Or all the husbands?
0
Comments
-
It is all the husbands money. Which is why it is taxed as being all his.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
Imagine you have a married couple of say 80 years old. The husband has worked all his life and built up a pension. His partner was his wife, who was a stay at home mum.
From a legal perspective, is that pension income half the husbands and half the wifes? Or all the husbands?
The pension can only be owned by one person, so in this case it will be the husband's pension
On divorce, all assets, including pensions, are taken into account when looking at a split of assets.
However, perhaps it would help if you could clarify why you are asking?I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
I am in the process of helping my father work out where to put his money. At the moment, the state want us to pay nearly £4Kpm for my mothers carers bills as we are "self funders." So, we are looking at avoiding unnecessarily paying more than we should.0
-
I am in the process of helping my father work out where to put his money. At the moment, the state want us to pay nearly £4Kpm for my mothers carers bills as we are "self funders." So, we are looking at avoiding unnecessarily paying more than we should.
Ok - then it is most definitely your father's income.
Have you looked at this from Age UK?
https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs39_paying_for_care_in_a_care_home_if_you_have_a_partner_fcs.pdfI am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
Thank you for that information.0
-
What assets does your mother have?At the moment, the state want us to pay nearly £4Kpm for my mothers carers bills as we are "self funders." So, we are looking at avoiding unnecessarily paying more than we should.
Does your father still live in the marital home?
What income does she have?
Her assets above £14.5K can be used for state care (in part between £14.5 and £23.5).
The home will be excluded if you father lives there.
Her income e.g. state pension and AA can be used minus £25 for personal expenditure (like clothing).
Who has told you that you are "self-funders"?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards