Help with SIPP pension after mother's death

justme111

barnstar2077 said:

If you have not inherited a property, you may want to consider using some of the funds to get you on the property ladder (once you have finished your studies and know where you will be based going forward.)  Owning your own home is a massive advantage later in life.

Thank you for your message. I have inherited property. Planning on selling it, and then buying a new property (or two) to let in a new city, during my studies, to stay on the properly ladder. Still trying to figure out how best to do that.

justme111

MallyGirl said:

I am sorry for your loss. Please do continue to ask questions - you sound like you already have a good head on your shoulders. Leaving it all in a beneficiary pension until you need it is likely the most sensible plan - as @Marcon says it is not restricted to access after 57 in your case. You could consider using some of the money to fund your university studies, or to give you opportunities to travel, whilst still having a very good foundation for your future.
In days gone past the advice was generally to take all the uni related loans offered but the interest rate being so high, and the payoff period now being extended to 40 years, has swing the pendulum the other way a bit.
There is no need to rush into anything.

Thank you, this is very kind . So I can just leave the pension standing? It doesn't have to be withdrawn? I thought the account would have to close, since the person whose name it's in is no longer alive. 

Yes all those sound like solid options, I guess it will be about finding the right balance.

MallyGirl

it will likely end up as a beneficiary pension in your name. You can leave it in the pension wrapper and drawdown from it as needed.