Workplace Pensions

[Coppit]

When I was young a pension was never bothered about but now retired for many years on a generous non-contributory pension I do worry about my grandchildren not having a reasonably comfortable life in retirement. (Why should worry when they don't?) To make sure that money I give them goes into their Workplace schemes does anyone know if my cheque made out to their scheme would be accepted?

[237SJ]

It wouldn't be accepted into mine but I can put a lump sum into my AVCs so that would be possible if they have an AVC (additional voluntary contributions) account

[albaqwerty]

I have a sneaky feeling it wouldn't be accepted. But would happily be proved wrong.
I think it's only the employee and employer who can pay into that particular pension pot.

If you know where they work, give their employers a phone and ask?

[woofgang]

237sj, you may be able to add more to your AVC, but I am not sure that you could put in a cheque from someone else's bank account in, which is what I think the op is asking. I think that the idea is to be sure that the money given to his/her relis goes into the pension and isn't spent on high living

[237SJ]

I realise that - the cheque would have to be made out to the grandchild with the intention of paying it into the pension.

[albaqwerty]

alternatively, leave them the money in your Will which says that they can only have so much per annum?

[New Judge]

Or even more alternatively, spend the lot before you shuffle off this mortal coil. :-)

[ubasses]

If it is Defined Contribution and not Defined Benefit, yes it is possible (called in Specie.)
Having googled in-specie found the link below, it may help.
http://www.whitehallgroup.co.uk/CubeCore/.uploads/pdf/contributions/ContributionGuideline.pdf

[Coppit]

Thanks everybody, especially ubasses. The article is easy to understand.

[fiction-factory]

There may be an issue over tax relief though

[Peter Pedant]

I see you have marked ubasses as the best
you had better re read it carefully and re-decide
I think an in specie contribution a/c that is something not in money. I cd well be wrong
I think it may only apply to whitehall

at some time you are gonna have to mention to the grandchildren plan A
You could easily do third party conts for a stakeholder and now they ( St Life ) make an awful song and dance about it
I now contribute thro the parents

and yes I have had a doting parent say - Oh my mumn I 've looked at pensions and WE dont think it is a good idea for little jonnie

you can only go so far

and good luck

( you could for standard life - you cant for an NHS pension )

[Peter Pedant]

(Why should worry when they don't?)

when I opened a clutch of stakeholders - the clerk said do they know what you are doing for them ?
and I said no of course they dont - dont be stupid !

another time - I had a clerk say 'oh we have a note - we spoke to your wife and she said there was no need...'
and I said - no that was my sister in law and she is doing all she can to prevent it for some reason

so more good luck

[webbo3]

Ask on here.

https://www.pensionwise.gov.uk/en?gclid=EAIaIQobChMIrqm1lJ_11QIV6LvtCh158AA4EAAYASAAEgIeq_D_BwE


or here.


https://advisor.financial-advisor.co.uk/money-advice/?keyword=money%20advice%20service&matchtype=e&network=g&campaign=Competitors%20-%20MAS%20-%20Exact&keyword=money%20advice%20service&matchtype=e&network=g&gclid=EAIaIQobChMIndKfu5_11QIVZpPtCh2OnA5oEAAYASAAEgIE_vD_BwE



Dave.

[ubasses]

There have been changes this year, but as I understand it, only assets are affected, cash is still OK.

[Coppit]

Peter Pedant. In connection with family history study only last week I had to lpok up specie to see what it meant. It's cash.

[Peter Pedant]

.// Peter Pedant. In connection with family history study only last week I had to lpok up specie to see what it meant. It's cash. //

"In specie is a phrase describing the distribution of an asset in its present form, rather than selling it and distributing the cash proceeds. In specie distributions are made when cash is not readily available or allocating the physical asset is a better alternative than distributing cash."

hahahaha OK over to you then, Coppit ( but I hope yo dont really - cop it I mean)

you obviously know more than I

[Coppit]

Dictionary definitions of specie and in specie.


noun
1.
coined money; coin.
Idioms
2.
in specie,

in the same kind.
(of money) in coin.
in a similar manner; in kind:
Such treachery should be repaid in specie.
Law. in the identical shape, form, etc., as specified.

Take your pick!

[fiction-factory]

Your Answer...Test >£15000 > £5000 < 5000

[fiction-factory]

test > pounds pounds pounds