Hi this is my first post , I've been reading about bank accounts for state pensions with appointee which was really useful, but my dad has Alzheimer's and it's to late to go for LPA but I am his appointee , my issue is with a private pension that will only pay into a joint bank account that dad can't open with me ...anyone else had this issue ??
Private pension
- Thread starter Annwise
- Start date
Unfortunately your only option now is to apply to become his deputy for finances via the court of protection. There really isn’t another option if he’s no longer capable enough to grant an LPA. If you choose to go this route don’t bother trying to get welfare deputyship - that is rarely granted.
Hi Ann, welcome to TP
As Jen says the appointee status is only valid with the DWP so you can deal with state pensions and state benefits but not private matters like bank accounts or private pensions. If it's too late for an lpa then Court of Protection deputyship is probably the only route available.
If you closed the current account in his name only and moved to one in joint names and had the bank migrate all the transactions from the old account to the new one then the pp provider might never know but there might be some rights and wrongs to doing that, others on here may have an opinion.
Putting money into a joint account means that it your dad passed away the balance in the account would pass direct to you and not be part of his estate and that may be an issue in the future.
The correct thing to do would become his CoP deputy and open an account in his name but with you as his deputy not joint account holder.
It annoys me how often the "right" thing to do is often the hardest, most long winded, most time consuming and most expensive option.
K
As Jen says the appointee status is only valid with the DWP so you can deal with state pensions and state benefits but not private matters like bank accounts or private pensions. If it's too late for an lpa then Court of Protection deputyship is probably the only route available.
If you closed the current account in his name only and moved to one in joint names and had the bank migrate all the transactions from the old account to the new one then the pp provider might never know but there might be some rights and wrongs to doing that, others on here may have an opinion.
Putting money into a joint account means that it your dad passed away the balance in the account would pass direct to you and not be part of his estate and that may be an issue in the future.
The correct thing to do would become his CoP deputy and open an account in his name but with you as his deputy not joint account holder.
It annoys me how often the "right" thing to do is often the hardest, most long winded, most time consuming and most expensive option.
K
Thank you for your replies, I had a feeling it would need deputyship to go forward, it's his own bank that's causing the issue!!! That's why I've had to be made appointee so I can get his and my mams pension for them ( mams registered severely visually impaired ) , but mam has no "form of identification" to open a account elsewhere with dad ...its a real puzzle ...but I'll keep pushing forward
If the issue is that the bank won’t let you manage the account, rather than the private pension not agreeing to make payments ..
Do your parents have a joint account? If so, your mam can complete the paperwork making you a “third party” to the account, this wouId allow you to manage both their finances (with her consent).
The private pension only need an account to make payments to, so long as the person who should be receiving the payment is on the account, they should make payment. They should be able to make payments into a joint account held by your parents.
If you then want to separate the monies to make it clear for social services etc, but are unable to open an account for your mam elsewhere, due to lack of ID, will her present bank not open one for her? Or does she not hold any accounts?
Do your parents have a joint account? If so, your mam can complete the paperwork making you a “third party” to the account, this wouId allow you to manage both their finances (with her consent).
The private pension only need an account to make payments to, so long as the person who should be receiving the payment is on the account, they should make payment. They should be able to make payments into a joint account held by your parents.
If you then want to separate the monies to make it clear for social services etc, but are unable to open an account for your mam elsewhere, due to lack of ID, will her present bank not open one for her? Or does she not hold any accounts?
