Financial Tribunal prioritises children's security over aunt's mortgage plea.
The Financial Services Tribunal upheld a pension fund’s decision to refuse a woman’s request to use a substantial portion of her late sister’s children’s pension benefits to settle the mortgage bond on the family home.
The decision involved TR, the sister of the deceased woman and caregiver to her two minor children, who sought the release of part of their protected funds to settle the outstanding mortgage debt on the property where she lives with the children.
The tribunal dismissed TR’s application for reconsideration after finding that the trustees of the Fedtrust Beneficiary Fund had acted lawfully and rationally when they declined her request.
The case arose after TR's sister, MR, died in May 2022.
