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SB12396
Starting Member
1 Posts |
 Posted - 03 September 2012 : 10:43:55
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Hi,
I have recently been made bankrupt, could someone please advise me if they can touch my pension?
Thanks |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 September 2012 : 10:50:16
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Hi and welcome to the forum.
When are you due to receive your pension? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 03 September 2012 : 14:58:01
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Hi SB
in an ideal world this is one of the things that should be sorted before BR, it is too late to review or adjust.
if you are already drawing the income would form part of your income and expenditure
if the pension is a state or regular employment provided the answer is no
AVC and some private pensions are vulnerable.
your age and the lump sum is a consideration that the OR / you would have.
The OR would have already reviewed if it has monetary value to them, today or during the year of insolvency they would be taking action and you would receive notification.
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 September 2012 : 16:07:30
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| Can you give us some more info SB? |
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debtinfo
forum expert
2826 Posts |
Posted - 03 September 2012 : 18:17:13
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| Hi Richard, have you been following the Raithatha v Williamson case regarding pensions, trustess and IPO's, i understand that the appeal is due to start shortly |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 04 September 2012 : 15:37:45
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yes have been following.
I tend to agree that if the pension pot is significant it should be used to pay a % to creditors.
but i fear that any change in legislation will be used against the people that need it most.ie a small pension pot with no chance of bringing the pot total back to a minimum level.
very few people deliberatly plan to go bankrupt. bankruptcy is about giving an individual a chance for a fresh start. The balance needs to be correct between fresh start and paying due to creditors.
The situation needs to be balanced at the time of the court date not an arbitory date many years in the future
your thoughts ?
Good Luck Richard,
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debtinfo
forum expert
2826 Posts |
Posted - 04 September 2012 : 18:35:18
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| my general thought is that it is against the spirit of the welform and reform act and that pensions as long as they are not being used to shield assets should be treated differently than other assets and so shouldnt form part of the bankruptcy estate |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 05 September 2012 : 10:13:17
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Hi debt info
i think that is the motive behind the court case. The pension fund is believed to be considerable and as such an interprettation is that it is being used as shield.
however i feel that if the judgement is not worded correct, many many people who the pension and welfare act was introduced to support will fall fowl of the judgement.
it could become a free for all, with trustees, creditors, OR and pension providers fighting at the expense of the individual. the loser will be the every day guy in the street.
eye but that is why we have judges and the house of lords, who can carefully review these cases, understand the impact and make certain that fairness happens.. Then i woke up !
Good Luck Richard,
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Topic |
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Can the OR touch my pension?
