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    • Hopes And dreams
    • By Hopes And dreams 7th Mar 18, 7:06 PM
    • 11Posts
    • 12Thanks
    Hopes And dreams
    Advice please
    • #1
    • 7th Mar 18, 7:06 PM
    Advice please 7th Mar 18 at 7:06 PM
    Anyone that can advise me please

    My father as early onset dementia he is 57. I have just taken power of attorney.

    On going through his finances I have come across a pension. They now have proof of my power of attorney and have advised me today that I am the beneficiary on the account butthat doesn't necessarily mean the money goes to me on death.

    The pension company makes the ultimate decision.

    They also said they pay fund value I don't even know what this means.

    I am slightly confused by all this.

    I am he some beneficiary but do have an older brother that we haven't seen in 10 years my father is not married.

    Can anyone please advise

    Thank u in advance
Page 1
    • Thrugelmir
    • By Thrugelmir 7th Mar 18, 7:49 PM
    • 58,449 Posts
    • 51,823 Thanks
    Thrugelmir
    • #2
    • 7th Mar 18, 7:49 PM
    • #2
    • 7th Mar 18, 7:49 PM
    Has your father left a will?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • dunstonh
    • By dunstonh 7th Mar 18, 8:30 PM
    • 92,574 Posts
    • 59,878 Thanks
    dunstonh
    • #3
    • 7th Mar 18, 8:30 PM
    • #3
    • 7th Mar 18, 8:30 PM
    On going through his finances I have come across a pension. They now have proof of my power of attorney and have advised me today that I am the beneficiary on the account butthat doesn't necessarily mean the money goes to me on death.

    The pension company makes the ultimate decision.
    The pension trustees have the final say but in reality, they rarely override. It's normally only in vindictive nominations.

    They also said they pay fund value I don't even know what this means.
    The pension has a value made up of the funds it invests in and every day it changes. The value of the funds is paid out.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Hopes And dreams
    • By Hopes And dreams 7th Mar 18, 8:31 PM
    • 11 Posts
    • 12 Thanks
    Hopes And dreams
    • #4
    • 7th Mar 18, 8:31 PM
    • #4
    • 7th Mar 18, 8:31 PM
    No will no. Think he just thought all ok as made beneficiary. Obviously now he not of sound mind
    • Brynsam
    • By Brynsam 7th Mar 18, 8:50 PM
    • 919 Posts
    • 604 Thanks
    Brynsam
    • #5
    • 7th Mar 18, 8:50 PM
    • #5
    • 7th Mar 18, 8:50 PM
    I am the beneficiary on the account butthat doesn't necessarily mean the money goes to me on death.

    The pension company makes the ultimate decision.

    They also said they pay fund value I don't even know what this means.
    Originally posted by Hopes And dreams
    The reference to 'the pension company' suggests that this is a personal pension rather than a company pension established under trust. Personal pension providers rarely choose any route other than the individual(s) named by the personal pension holder, so if you are named, it is highly likely you will receive the amount in your father's pension savings 'pot' if he dies before you.
    • Silvertabby
    • By Silvertabby 7th Mar 18, 9:17 PM
    • 2,722 Posts
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    Silvertabby
    • #6
    • 7th Mar 18, 9:17 PM
    • #6
    • 7th Mar 18, 9:17 PM
    The reference to 'the pension company' suggests that this is a personal pension rather than a company pension established under trust. Personal pension providers rarely choose any route other than the individual(s) named by the personal pension holder, so if you are named, it is highly likely you will receive the amount in your father's pension savings 'pot' if he dies before you.
    Originally posted by Brynsam
    Is your father drawing this pension now? If not, what is the scheme retirement age?
    • Hopes And dreams
    • By Hopes And dreams 7th Mar 18, 9:28 PM
    • 11 Posts
    • 12 Thanks
    Hopes And dreams
    • #7
    • 7th Mar 18, 9:28 PM
    • #7
    • 7th Mar 18, 9:28 PM
    It not set to pay out until he's 65 and of course he may have a long life still ahead of him. I'm just trying to have everything together.

    He really isn't well and I worry
    • Silvertabby
    • By Silvertabby 7th Mar 18, 9:40 PM
    • 2,722 Posts
    • 3,888 Thanks
    Silvertabby
    • #8
    • 7th Mar 18, 9:40 PM
    • #8
    • 7th Mar 18, 9:40 PM
    It not set to pay out until he's 65 and of course he may have a long life still ahead of him. I'm just trying to have everything together.

    He really isn't well and I worry
    Originally posted by Hopes And dreams
    He may be able to draw it now on ill health grounds (that is, not being able to work again rather than suffering from a terminal illness). It depends on the pension scheme rules, but it's worth asking the question.

    Otherwise, he could perhaps transfer his pension to a SIPP or similar which does allow access from age 55. You will want to speak to an IFA before doing anything like this.
    Last edited by Silvertabby; 07-03-2018 at 9:45 PM.
    • LHW99
    • By LHW99 8th Mar 18, 12:38 PM
    • 1,279 Posts
    • 1,179 Thanks
    LHW99
    • #9
    • 8th Mar 18, 12:38 PM
    • #9
    • 8th Mar 18, 12:38 PM
    May also be worth looking into Attendance Allowance for your father, and possibly carer's allowance for yourself.
    https://www.gov.uk/attendance-allowance
    https://www.gov.uk/carers-allowance
    • badmemory
    • By badmemory 8th Mar 18, 9:17 PM
    • 1,603 Posts
    • 2,102 Thanks
    badmemory
    I suspect they are being extremely cautious as until your father has died you have no entitlement. Will you need to access this for your father to provide for him or does he have another source of income?

    Definitely look into attendance allowance, especially as it is not means tested.
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