Hi can anyone help with the following situation?
My brother-in-law (single, no dependents) now aged 55 was diagnosed with dementia 18 months ago and it has progressed rapidly, so he requires 24x7 care. Last month he was accepted into a home costing c. £700/week.
Fortunately, power of attorney was set up in the early stages, with his 2 siblings, so payments from his savings can cover the care home costs for a short while.
The big question then is accessing his final salary pension from a FTSE-100 company in order to pay for the ongoing care home costs longer term. The normal course of events if he did not have dementia might be to facilitate a CETV transfer through an IFA, and then use the funds to pay for the care home costs.
The FTSE-100 company recommended IFA took all the details and started the process, but his boss would not allow it to be processed, but it is unclear why (ombudsman would not allow it?). (They were going to receive fees of £3-5k for doing the analysis/letter).
Has anyone got any experience of this kind of situation and advice on a way forward?
Many thanks in advance, D.