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Grandchildren drawing down income on pension fund.
We act for a man of 75 who has a significant pension fund. He has had the tax-free cash and has passed (and paid) the lifetime allowance charge. So now the funds just carry on and he does not need to draw on them. The client would like to leave the remaining pension fund for the benefit of his wife children and grandchildren. His wife should not need to draw on them and his children are also building up their own funds so will probably be well looked after in pension terms.
His grandchildren are all under six and his plan is that he would like them to be able to draw down income (for school and university fees) at their own income tax rates. Will that be possible and if so how would this be done?
Query 19 212– Osborne.
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