Accessing pension for person who is sick.

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DeeKie

Registered User
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After a massive stroke my father needs to live in residential care. No enduring power of attorney in place. Am I right in thinking that pension trustees have discretion about releasing pension funds to pay for his care? Would I contact his broker? Thank you.
 
Have you gone through the Fair Deal scheme as any release of funds could have an impact on what you get through that?

Secondly, is he drawing his pension already?
 
He was a director/ owner of a business all his life. I’m not sure precisely what the pension arrangements are but they are all self directed. I had some dealings previously with employer run pension schemes where I know the employer trustees appeared to have some discretion to help our families but I’m not sure if the same is true if you just have a direct relationship with Irish Life?
 
Oh and he is drawing his pension. He’s 87. It’s a good pension as he remarked to me that the value of it was going up even though he had plenty. I want to be as prepared as I can before approaching the insurer to release funds.
 
They are not self administered. All of us children are in full agreement about his care, the decision to seek this care, and we are his next of kin. We can go the ward of court route if necessary. However it takes time and wondered if we produced two doctors letters to the insurance company, that Dad is cognitively impaired and unable to take decisions, would they release funds to fund a nursing home and rehab? Even by paying directly to the care home?
 
DeeKie said:
Am I right in thinking that pension trustees have discretion about releasing pension funds to pay for his care?
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DeeKie said:
They are not self administered.
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DeeKie said:
Would I contact his broker?
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If there's a broker involved then it would probably make most sense to contact them to ask this question. If not then the pension provider. Maybe the pension policy booklet/contract documentation explains what might be possible in this situation?
DeeKie said:
Oh and he is drawing his pension. He’s 87. It’s a good pension as he remarked to me that the value of it was going up even though he had plenty.
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But if he's already drawing his pension at 87 and it seems to be a generous/well funded pension then mightn't that cover his care without doing anything else? Or maybe by simply increasing his withdrawal rate if necessary?
 
He was in good health before the stroke, his costs will be a lot more in a residential care setting I expect. Asking to increase his withdrawal amount is a good option. I will contact his broker to consider this.
 
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