My in-laws collision course with bankruptcy

ryanm8655

One other thing to bear in mind is that I’d imagine pension funds are down massively at the moment given the COVID situation. I have no real knowledge of pensions though.

Pollycat

Superfuse said:

So, having not mentioned finances with the girlfriend's parents for a week or so; the father has come to us to extract a sum from his pension to clear most of his credit card debt. He has been receiving correspondence from the pension company suggesting that he has some options.
I suspect that taking a tax free 25% lump sum (to clear most of his credit card debt) and buying an annuity is probably a good idea. We are however not experienced with pensions. The partner and I will be proceeding with caution and will possibly encourage the father to see a financial advisor to discuss his pension options...

I would be very careful not to offer any advice at all about this idea.

If it all goes pear-shaped, you'll be in the firing line.

Galloglass

I would be very careful not to offer any advice at all about this idea.

If it all goes pear-shaped, you'll be in the firing line.

It's actually simpler than that. Financial advice including pensions advice is a regulated profession. You should not be giving it. Instead send him to the free advice available from Pension Wise who might also send them over to a debt advisor. 
https://www.pensionwise.gov.uk/en/financial-advice

Two birds - one stone. 

Pollycat

Galloglass said:

I would be very careful not to offer any advice at all about this idea.

If it all goes pear-shaped, you'll be in the firing line.

It's actually simpler than that. Financial advice including pensions advice is a regulated profession. You should not be giving it. Instead send him to the free advice available from Pension Wise who might also send them over to a debt advisor. 
https://www.pensionwise.gov.uk/en/financial-advice

Two birds - one stone. 

The OP is already giving financial advice to his in-laws.

The thread is about him not being happy about their attitude to taking the advice.

Galloglass

@Pollycat I can understand where you are coming from but the original question was debt. The pension issue is a diversion from dealing with debt and, no offence to the OP, but the message on debt is best coming from an FA who can see the asset issue (pension) and the debt issue simultaneously.

You've warned about giving unqualified advice. I'm following up on your warning by suggesting free qualified advice. 

The OP has done the hard job in getting his in-laws to listen to him. He just has to bow out gracefully and signpost them to the right place.