I have recently posted my intents of going bankrupt. I have two old company pensions (non contributory) last known value was around £30k in total. Is there anyway in which I could use these to clear my debt or to assist my bankruptcy?
you will need to speak to the pension provider and find out when you can withdraw cash and today surrender value.
Yes you can negotiate with this money to obtain a full and final settlement figure.
I would ask a third party to negotiate on your behalf (takes the emotion out of it) If you are prepared to pay a third party pay them based on sucess.
Paul @ reviva has a designated team member to negotiate with the banks, he is often able to obtain a greater discount because he is speaking to a bank on behalf of a number of creditors.
I have heard back from the two pension providers, both have stated the earliest I can access this money is when I am 55 so that's another 16 years! The only circumstances that funds could possibly be accessed is due to poor health. So its fraustrating knowing this money is sitting in a pot but thats the way it has to be.
However at the age of 50 you can draw down 25% of its value as a lump sum and take an annuity thereafter - you lose out a bit, but it may assist (if you are 50 plus that is).
It is known as a Buy Out Bond
Richard
quote:Originally posted by kentmikey
I have heard back from the two pension providers, both have stated the earliest I can access this money is when I am 55 so that's another 16 years! The only circumstances that funds could possibly be accessed is due to poor health. So its fraustrating knowing this money is sitting in a pot but thats the way it has to be.
Company Pensions
Posted - 06 June 2010 : 18:36:53
