Transferring Pension Funds to Flex Drawdown Plan / Inheriting Pension Plan

masonj3

Hi I'm trying to get some advice to help a relative with their pension if this is ok?

Husband and wife both had old style pensions that allowed limited retirement options. Husband died unexpectedly 3 years ago (age 70) - wife had to take full amount of husbands pension pot but now believes that she doesn't need the funds that she has in her own pension pot ( She is currently 67).

Their only adult child is disabled and wife would like for the child to inherit wifes pension plan as a flexible draw down plan.

The current plan does allow her to transfer her pension funds & she is aware that she would need to consider fees and give up her existing benefits and features etc

She would like to know how likely it would be that another pension provider would allow her to transfer her pension funds to a flexible retirement scheme that would allow her adult child to inherit her funds as a flexible drawdown account

Secondly - not sure if we are allowed to ask this so please delete if not but does anyone know of any companies who may consider such a transfer.

I hope this makes sense - thanks in advance to anyone who is able to help or advice - thank you for reading.

Albermarle

The current plan does allow her to transfer her pension funds & she is aware that she would need to consider fees and give up her existing benefits and features etc

Can you give some more detail about this pension ? Specifically what are the benefits and features you mention ?

She would like to know how likely it would be that another pension provider would allow her to transfer her pension funds to a flexible retirement scheme that would allow her adult child to inherit her funds as a flexible drawdown account

If you were able to transfer the current pension to a modern drawdown pension , then all she has to do is to name her son as the beneficiary . When she dies whatever is left in the pension will go to him and he will be able to take income from it .

xylophone

that she doesn't need the funds that she has in her own pension pot

Please clarify exactly what type of pension this is and whether she is currently taking benefits from it.

SonOf

Husband and wife both had old style pensions that allowed limited retirement options. Husband died unexpectedly 3 years ago (age 70) - wife had to take full amount of husbands pension pot but now believes that she doesn't need the funds that she has in her own pension pot ( She is currently 67).

If it was before 2015, then that would have been the best option. After 2015, if he was under 75 at time of death, she could have taken a pension income for life tax free. As you say it was 3 years ago and he was 70, this suggests she didnt consider the options available to her.

The current plan does allow her to transfer her pension funds & she is aware that she would need to consider fees and give up her existing benefits and features etc

What type of pension is it? (how it works and what happens all start from the point of knowing what type of pension she has).

Secondly - not sure if we are allowed to ask this so please delete if not but does anyone know of any companies who may consider such a transfer.

All pension companies will accept transfers in. However, how it needs to be done and whether an intermediary needs to be involved come back to knowing what type of pension it is.