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dazed and confused
Junior Member
United Kingdom
475 Posts |
 Posted - 30 October 2008 : 17:42:17
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Dear Forum
Hope you are all well!
I am due to go BR soon. I work for a Council and currently pay into a Local Government Pension Scheme. I currently pay about £135 a month into this, or 6%, which is deducted directly from my wages, and I think is Tax Free, and my Employer contributes the same.
I have been paying into this for about 4 years now.
When I go BR, will the OR try and get this money back, and will they stop me from paying any more into this?
I hope someone may be able to help me on this one please?
Cheers! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 October 2008 : 18:22:02
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Hi
If you are not due to retire in the next couple of years then it is safe because it is an occupational pension scheme and there untoucheable by anyone - including you. If you were nearing retirement age and could take out a lump sum in the Br period then that would be different.
the OR may well ask you to reduce or stop your pension payments as they are a benefit for you which would in turn release disposable income for an income payment agreement.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 30 October 2008 : 20:21:29
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Hi Paul and thanks for your reply!
No I am definitely not due to retire in the next couple of years! I am only 30! I would like to, but a few years to go for me yet unfortunately!
I would be quite willing to stop the payments for an IPA so hopefully that should be ok then.
Cheers!
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BankruptC
Senior Member
1030 Posts |
Posted - 30 October 2008 : 21:12:28
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Hello you! :-)
As you know I pay into a pension scheme through work too. When I went BR, the examiner just asked me how much I'd paid into it (which wasn't alot, as as you know we're a similar age!). That was it. They have no interest in it and I just continue paying into it as normal.
Hope you're ok!
Speak soon.
C. x |
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Nat
Junior Member
367 Posts |
Posted - 30 October 2008 : 21:15:36
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Hi
I'm in a local government scheme too and if i recall correctly from what i read a little while ago i think there might be a clause in there that you can't stop paying in after a certain period whilst employed, not entirely sure that i'm right though on this, need to get the paperwork out again and far too tired tonight, think i'm getting a cold!!!
Nat |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 30 October 2008 : 21:29:57
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Cheers guys!
That is quite reassuring - I would not mind giving it up and I have not paid a huge amount into it, being fairly young and all (he he!), but it would be nice to keep it if possible.
C - yes I am good cheers! Hope you are well?! Message on it's way shorlty...
Nat - yes I seem to remember trying to opt out of it about a year or so after opting into it and they said that I couldn't after a year (does that make sense?!). Hope your cold is not too bad! It's the time of year. Fresh honey, ginger and lemon is always good! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 31 October 2008 : 00:44:51
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Hi Dazed and confused
have you changed your plans from going to Canada noted in previous posts?
Just that if you are away then obviously you won't be paying into the pension while away and in Br.
Just wondered incase there is another scenario we can help with
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 31 October 2008 : 00:56:20
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Hi Paul
Thanks for your reply!
No Canada is still on the cards - I am surprised and flattered you remember!
I will not be paying into the pension when I am out there, but I am only going for a year and was worried that the OR may ask for whatever I have paid into it back...
BR is getting closer and closer now for me - am intending on going to Court either just before Christmas or just after New Year - what a happy Christmas it's going to be!!!
I have accepted in my mind that I am doing it now though so that's the first step.
Cheers again!
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Nat
Junior Member
367 Posts |
Posted - 31 October 2008 : 07:35:59
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Hi DC
Thanks for the cold advice!!! Feel a bit better this morning.
I left my council and just going back to it, the OR wasn't interested in tryig to get what I ahd paid into previously and have the letter to say so!! So i wouldn't worry if you do go to Canada, your pension should be safe.
Nat
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 31 October 2008 : 10:23:00
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| Ok cheers Nat and glad to hear you are feeling a bit better today! |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 07 November 2008 : 13:52:36
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Hi Guys!
Sorry to go back to this one, but does a LGPS get entered on the BR Forms in Section 3.4?
Cheers! |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 November 2008 : 17:06:04
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Hello you! 
Fab to see you're getting started (at long last! JOKING!!)
I did put mine in 3.4 hon and the examiner was fine about it.
Good luck with the forms-you know where I am if you need me! 
C. x |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 07 November 2008 : 17:09:44
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Hello!
Thanks for the info.
Yes had a day of getting stuck into them today - paperwork everywhere now all over the kitchen! I seem to have most of the info. I need though which is good - I knew my OCD tendency of keeping all paperwork would come in handy one day!!!
Bit stuck on Section 6 - Income - Do you think I should put things like P / T work, Mileage and Expenses?
Cheers! |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 November 2008 : 17:16:05
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Yeah, they definitely need to be on there.
C. x |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 07 November 2008 : 17:27:56
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| Ok cheers C! |
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BankruptC
Senior Member
1030 Posts |
Posted - 07 November 2008 : 17:38:53
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You're welcome. I'll get round to emailing you tonight with a bit of luck =] !
C. x |
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Topic |
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BR and Local Government Pension Schemes...
