Gift some pension funds to my wife?

[Barney Magoo]

I'm a deferred member of a DB scheme (age 57) and have an AVC set up within that scheme. I also have a buy out bond and two relatively small Personal Pension Plans from previous employment set up before joining the DB scheme.
As my wife has no pension plan of her own, can I gift my buy out bond and Personal Pension Plans to her to enable her to have some income in her retirement?
How do I go about this? Is there any advantage/disadvantage to doing so?

 

[Steven Barrett]

You can't gift her a pension plan.



Steven
www.bluewaterfp.ie

 

[Barney Magoo]

Thanks Steven, pretty definite then.

 

[Steven Barrett]

Yep, you got all the tax breaks, you can't then pass the asset to someone else. It would be abused within seconds of being allowed to happen.


Steven
www.bluewaterfp.ie

 

[Gerry Canning]

I'm a deferred member of a DB scheme (age 57) and have an AVC set up within that scheme. I also have a buy out bond and two relatively small Personal Pension Plans from previous employment set up before joining the DB scheme.
As my wife has no pension plan of her own, can I gift my buy out bond and Personal Pension Plans to her to enable her to have some income in her retirement?
How do I go about this? Is there any advantage/disadvantage to doing so?

..............
Barney you have a few years until you must start to take pension(s)
I take from your thread you want to protect herself from now on,preferably by her having funds 100% in her name. S Barrett knows his stuff and I find him informative on all threads.
BUT
what you can do.
1. Make a will and leave the Bonds to her .
2. On the DB scheme there is probably a spouse element should you die in employment , so ask them.
3. I believe the full AVCs can be willed /gifted to herself should you die.
4. When you get to retirement and must draw down you will have options of ensuring wife benefit should you die.

Hope this helps.

 

[Barney Magoo]

Thanks Gerry, food for thought.