Pension /or / Lifetime ISA set up for Child with learning disabilities

Charlesfraser

Does anybody have any insight into setting up a pension or Life time Isa for someone with  learning disabilities .  Im particularly interested in lifetime ISA.But also pension . I wish to start a regular contribution for this child who is a teenager with moderate learning disabilities .
Ive recently set up a Lifetime Isa for another child who can manage their own finances .
I have in the past created discretionary wills for distribution of inheritance , but this did not take into account any form of pension .
 I did ask my IFA , who never got back to me I suspect it was probably a bit of headache .
Any Advice would be gratefully received .
apologies if this has been mentioned in another forum/ stickie 

Thankyou in advance 

Albermarle

If I was you I would contact Mencap for advice .
I have in the past created discretionary wills for distribution of inheritance , but this did not take into account any form of pension .
Normally pensions are not included in wills as they are held in trust by the trustees , so you do not actually own them directly, so they should not be included in any will. 
Anybody with a pension is asked to name the beneficiaries in an 'expression of wish' form . The Trustees will follow this wish 99% of the time unless there is a special/unusual situation.

TVAS

Albermarle is on the money contact the experts Mencap. Whilst you are there you also need to ask them what happens when the child is 18. You will no longer have control because they have maintained majority however they cannot give Power of Attorney to you because they do not have capacity.

Moneybox Life covered this yesterday on Radio 4.

 

Albermarle

 Whilst you are there you also need to ask them what happens when the child is 18. You will no longer have control because they have maintained majority however they cannot give Power of Attorney to you because they do not have capacity.

You are right about the Power of Attorney but there are ways around this ( there has to be in practice ). The parent can become the DWP appointee so as they can deal with benefit claims etc but also banks accept this, and allow you to open and deal with bank accounts on their behalf etc 

This works if the person involved clearly does not have the capacity to deal with money or everyday issues and is usually only receiving benefits . Problems could occur I guess if the person had  a  mild/moderate learning disability , and maybe a job of some kind They may not want the parent to represent them and/or want to spend it themselves,  even though they are still vulnerable. https://www.dosh.org/being-an-appointee/

xylophone

Be careful not to put your child in a position which would affect any means tested benefits to which he might be entitled.

Charlesfraser

Thank you I already came to the conclusion about capacity , which is the issue , as we can not get power of attorney because there is a lack of capacity . So the next step was court of protection , having read the info and the Fees!! for this My thoughts were that this is just another obstacle the way  to help your child who through no fault has an issue . I have looked at Mencap web site , but there seems to be no information on pensions . I will phone them and ask for advice . 
Thankyou for your input .

Albermarle

So the next step was court of protection , having read the info and the Fees!! f

This used to be the way forward , that the court would appoint you as a deputy to look after the young adults with learning disabilities affairs.

However in recent years, they have changed tack and have  been reluctant to do this in the large majority of cases.

Decisions are now taken from  a best interest viewpoint ( so between family , carers, doctor, social worker etc) and the Court then only intervenes when a specific issue comes up .

As already said being a DWP appointee can cover most of the issues relating to day to day money issues.