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samanthadm
Starting Member
United Kingdom
27 Posts |
 Posted - 22 July 2009 : 04:54:16
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| hi there, i am reading spemding a lot of time reading through peoples post's, a lot of the time I am reassured, other times, I am freaked out. Could somebody please tell me if we will lose our pension plans? I am a nurse and pay into the NHS pension, and my husband has a council pension. Will we lose what we have paid so far? thank you |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 22 July 2009 : 07:58:12
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Hi there
pensions are exempt from Insolvency and therefore will not be touched or cancelled. In your case you are both in employer related pension schemes and your contributions will continue to be made into the scheme - No worries
Hope thi shas helped answer your concerns
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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samanthadm
Starting Member
United Kingdom
27 Posts |
Posted - 22 July 2009 : 20:28:41
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phew! thank you Melanie
things . . . can only get better |
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frosie90
Junior Member
285 Posts |
Posted - 22 July 2009 : 21:38:38
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Hi Samanthadm,
Just to support Melanie's post. I have an occupational pension. My pension is deducted at source and the OR has no problems with my net salary (which they use for my IPA). I also had couple of frozen private pensions and they have since written to me to say that they have no interest in them. So don't worry.
Best of luck
Rosie
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samanthadm
Starting Member
United Kingdom
27 Posts |
Posted - 23 July 2009 : 08:10:22
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Thank you for your responses. I understand that my husband and I will have to declare BR as individuals and I am now content that my husbands military pension which he receives since he retired from the armed forces and our current contributions to local government pension scheme and NHS pension scheme will not be considered.However, should we declare them on our SOAs or leave them off?
things . . . can only get better |
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frosie90
Junior Member
285 Posts |
Posted - 24 July 2009 : 23:32:07
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Hi Samanthadm,
Have bumped your last post back into play as /i am conscious that your last question has yet to be answered. I detailed all my private pensions on my form except for my occupational pension as there is no-where to put that, I just put my net salary down which included the payment into my occy pension. The private ones are pensions that wont be paid out for another 14 to 19 years but as you mention your husband's military pension which it sounds like he receives currently? An expert, I am sure, will advise what and how to include onto the form. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 July 2009 : 07:31:17
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I'm no expert but I would think that if he is receiving the pension, it should be noted down as income and taken into consideration.
Not 100% sure though.
The glimmer gets brighter all the time
Jan
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m44uk
Starting Member
United Kingdom
6 Posts |
Posted - 25 July 2009 : 10:29:01
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Hi,
I had this conversation with OR yesterday. As long as you have not stashed a lot of money into the pension in the prior year to Bancrupcy and that it is a HMRC recognised scheme you are OK. |
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frosie90
Junior Member
285 Posts |
Posted - 25 July 2009 : 19:41:54
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| Great, just did not want to mis-lead Samantha in earlier post as I can only speak about pension schemes where they are still being paid into but do not know about pensions that are currently being paid out as an income. I would imagine, like Kallis said, that the military pension, if being paid out currently, would be classed as income. |
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debtinfo
forum expert
2826 Posts |
Posted - 25 July 2009 : 20:19:12
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| It would be classed the same as any earned Income |
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debtinfo
forum expert
2826 Posts |
Posted - 25 July 2009 : 20:21:54
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This is from the insolvency website
31.7.11 Pension Receipts
January 2007
Other income available to the bankrupt can include pension receipts where the bankrupt is already in receipt of the pension income (see Chapter 61, Pension Schemes, paragraphs 61.3 & 61.7) but payments by way of guaranteed minimum pension and payments giving effect to the bankrupt’s protected rights must not be included an any IPA calculation.
Where the official receiver becomes aware that the bankrupt (prior to discharge) is due to receive payment from a pension, the official receiver may seek to agree an IPA to recover any lump sum, or if this is not possible to agree, apply to court for an income payments order to recover any lump sum, and may include other pension payments in the calculation for income in his/her application.
Where an IPA/IPO is in force and the official receiver/trustee becomes aware that a bankrupt is likely to attain retirement age during the period of the IPA/IPO they should be made aware that their pension entitlement may be affected and a variation sought to claim the pension monies in whole or in part (see also paragraph 31.7.52 and Chapter 61, Pension Schemes, paragraph 61.27)
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ripski
New Member
United Kingdom
90 Posts |
Posted - 26 July 2009 : 09:56:14
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This is worrying. Anyone with actual experience. There are also lots of 'MAYS' The last para says when IPA in force then trustee MAY seek to recoup any funds. Anyone know when or why they would do this and what is the discretionary element.
I had hoped to take early retriment nest year after I am discharged but I will then be the second year of IPA .
I dont want to ask too specific questions re this now of OR or trustee as others on here (when the have done this have stirred up a lot of admin etc) However I prob might have to in order to plan.
Also has anyone offerred and been allowed to pay the 2yrs IPA up front to clear matters A friend with give me the £2000 to do,this When I asked my OR/case manager she had not heard of this happening and did not know
I am also, poss. will get a £15000 inheritance in next few years I asked her if I received this would it be taken. She was definate that once discharged the OR had no interest in any sumsofmoney and even of I wonthe lottery the OR wouldnotbe interested ,only in monthly income She was very definate that I should read the wording on my IPA which states 'inform of monthly income'
Any thoughts /advice re this. please
ripski1 |
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samanthadm
Starting Member
United Kingdom
27 Posts |
Posted - 27 July 2009 : 20:50:24
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Thank you all, but I am still confused. My husband is in receipt of a military pension with a guaranteed minimum monthly payment which is protected. We will declare it on the SOA and see what the OR says when we get there.
On another matter, based on advise received we have now cancelled all our Direct Debits to all but essentials (utilities, council tax etc) and have drafted letters to all creditors explaining our predicament and asking for accounts to be placed in abeyance. We have changed our phone number and are now saving as much as possible in order to pay a deposit on a rented home and to pay for our BR.
things . . . can only get better |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 July 2009 : 20:54:52
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Good luck Samantha.
The glimmer gets brighter all the time
Jan
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frosie90
Junior Member
285 Posts |
Posted - 27 July 2009 : 21:54:29
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Good luck from me too. Sure things will definitely work out for you Samantha. Good, positive and determined step forward with the
cancellation of direct debits and letter to the creditors. I did same and it gave me a good couple of weeks respite. Some creditors were more civil than others. MBNA are ones I found the most difficult but they were the one with the lesser debt??? Good luck. Keep posting.
Rosie
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frosie90
Junior Member
285 Posts |
Posted - 27 July 2009 : 21:57:36
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Me again, when I said "good couple of weeks respite". I meant freedom from the calls etc. You made wise move in changing your number. They can write to you all they like, they will all eventually be included in the BR anyway. You will find you will save the BR fees in no time.
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Topic |
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please tell me if we will lose our pension plans?
