Husband wants to put all his pensions in trust for kids.

Pensions are free from IHT anyway, so what he’s doing makes no sense.

Also by doing this he isn’t protecting the pension in case of a divorce, it would be taken into account anyway. He can’t give a pension away to anyone else, except in the case of a divorce. I suggest you get one sooner rather than later OP, who knows what else he might try to hide away.

Hope he’s not paying his adviser much, he’s been very badly advised.

But the OP is 50 and about to lose her assets if her husband is going to leave all his pension to their children. The pension is for the spouse, not the children. He's depriving her of assets. That's why she needs to divorce him.

Holy crap op, see a divorce solicitor pdq. I think you need to be on the defensive here.

Having just taken our pensions in our late 50s, I know what a minefield they can be generally. If I had to rely on mine, I would be impoverished honestly.

However - I think in its most simplest form, the scenario here is that your toad of a husband is trying to squirrel away his assets, knowing that in a divorce you would likely be awarded 50% of your shared pension pots.

Please follow advice already given OP and take legal advice. Like, today. There’s no time to lose because he’s ahead of you, unfortunately.

I don’t see the issue in leaving everything to the kids. If you’re both 50 and the marriage is bad it’s the best thing to do for all involved. Means you don’t have a lengthy legal battle over who gets what money, only for that money to be eaten up in legal fees and neither of you have a dickie bird to pass down to the kids.

Nah - big ticket complex corporate pensions do not attract IHT - they they know precisely how to avoid IHT.

Pensions are a fantastic way to avoid IHT and from time to time there are political rumblings about changing this as using pension pots to (quite lawfully) avoid IHT is not what pensions pots were originally intended for and tends generally to benefit the wealthier

Is he talking about taking put the pension early then putting it into.a trust @messiejessie or just naming them as beneficiaries ?

You can't leave pensions in wills ...and yes the pension body ultimately decides. He can make a nomination

https://www.moneysavingexpert.com/savings/pension-expression-of-wishes/

So my concern is he might actually be talking about cashing pensions in early.

Are you happy in your marriage @messiejessie ?

Would they?

I can just change mine online whenever I like.

well I thought this, also it depends I think on whether its a pension pot or the pension is actually be paid as a pension. if he is supposed to be quietly getting his ducks in a row, he is doing a lousy job.....I don't doubt that that is what he is doing but in his place I'd have just done it and kept quiet!

So what does op live on if he goes first?

Possible that she took a step back to enable his high flying career?

Get a good solicitor.
File for divorce.
He will have to declare everything on the Form E and if he lies he's in a lot of trouble.

I filed for divorce as advised by my solicitor as that means I control things more.
I have no pension due to being a SAHM and I've been awarded more than 75% of one of his plus a lump sum to make things equatable. I also got more then 50% of the house.

Your H is no longer to be trusted. Protect yourself. No harm done if it turns out it is all a misunderstanding but in the more likely event he is trying to shaft you, you have got a head start and protected yourself.

If he does end up doing that, then I'd change your Will and leave property in trust for children - you can argue he'll have three pensions to live on.

If you should divorce, you should be able to claim on the pensions, so why not now. We have a friend who got divorced - ex wife earns less than him, but certainly enough to live on and support herself (in face she picked herself up far quicker than him after divorce with a new home in her name and a new man!). She stuck it out, got 50% of the property and 60% of his pensions!

Why would a pension provider want that explanation? For a standard work pension - money purchase, not final salary - you can leave it whoever you want. Mine goes to nephews and godchildren and if they predecease me, to a nominated charity

Edited to say that you can take out from your pension in cash from aged 55 (taxable after the first 25%)

I'm wondering whether he's aiming for parental alienation, OP. He can promise the kids all his money and then when you say that's not fair, some children would turn against you.

Honestly, I'd get out of this marriage asap to protect yourself financially. This man could cause tremendous problems in your family.

Can you ask him who advised this?

Have you pointed out that your pension is much lower, you might struggle. How did he respond?

It does sound like he could have checked out.

Sounds like he’s trying to prevent you accessing joint assets if you split …

Depends on the pension arrangements, normally there is no IHT on pensions, but some plans that pay off a guaranteed death benefit are added to the estate value, unless that benefit goes into a trust, in which case it doesn't.

As we are presumable talking big ticket, complex corporate pensions then could well attract IHT.

Get divorced, take half the money

I'm afraid I have no idea about the IHT issue, but what a bastard.

You need urgent legal advice, start the divorce and get a court order to stop him diverting marital assets

Do most people not need their pensions to live on when retired?

I’d seek advice as to exactly how much you personally have in assets and income - and if you feel he is deliberately trying to bypass you, then do the same back - out your rental property and other assets into trust for the kids to inherit upon your death but with the life time benefit for you. Then he can’t access them either. Sauce for the goose etc

However, it probably DOES make good IHT planning and if he’s already paid income tax on the monies going in (my DH pays a fricking fortune on his salary and then on his pension contributions every year) I can also understand why he’d not want the taxman to get another chunk. But my DH is also looking forward to an active retirement with travel etc, so wouldn’t want to deny himself access. There’s a balance to be achieved. Perhaps the compromise is to put one or two if them into trust, but ensure you both have the benefit of at least one so that you can ‘enjoy’ his retirement?

I think you need professional advice op