Helping Children with their Pension.

Whatastramash

Could anyone advise me whether something like the following is possible?


I'm approaching 70 with a very good pension which exceeds my needs but also a number of assets such as savings and property.

In particular I have a property abroad worth in the region of £250,000 and a shared property in the UK, my share being worth in the region of £80,000.
I have two sons both early 30's and in employment. I'm concerned that their pension provision will not be anything like as good as mine and unlikely to provide them with as good a standard of living as mine.


My question is would it be possible two place the properties or other assets in some kind of trust which could be invested for their future pension provision?

Brynsam

You can't actually put residential property in a pension scheme as such. Putting the properties in a discretionary trust, where you can stipulate that any payout can only be from age xxx (if you are absolutely sure you wouldn't want them to be able to access the cash before then) sounds the most sensible solution. Definitely one for professional advice from a solicitor with suitable qualifications (STEP member).

Bear in mind that once you put the properties into a trust, they will no longer belong to you - and there may be significant implications in terms of tax etc.

xylophone

How about asking your sons to open a personal pension so that you can make a regular monthly gift from income into each?