I have an uncle that is meant to receive a modest amount of money from overseas. The person in question is 60 and does not have a stable job. I want to set up a pension pot for him so that once he reaches 67 can have some extra money on top of the state pension.
However, I do not trust him not to withdraw part or all of the money from the pension pot ahead of time, and I do not trust him to not increase his monthly allowance ending up to finish the money from the pension pot ahead of time.
Given that I currently own this money, is there a way I can set up a pension pot for him where I have full control over it?
In other words, I want to contribute to this pension pot where he is the beneficiary, but he has no control over withdrawing lump sums or changing the monthly payment once he retires.
P.S. The reason why I'm after a pension pot is that by depositing money in it there is a tax relief of 20% ‘relief at source’ which means we'll get 20% than what we deposit