chance to take pension early and lumpsum but have a window of between april 1st and 6th ,will be 8 months into BR then,if i dont get early discharge by then what are my options (will have to wait another 3 years if not using the window) thanks
on the statement of affairs you will have identified the pension and the Official Receiver will have started the process of investigating if any of your assets are able to be liquidated for the benefit of your creditors.
I would expect the OR to review the pension and if a lump sum is available during br they may well claim this amount.
pensions are a delicate and important thing. It is really important to get full advice about Br before taking the leap. The forum is great for individual questions and support but it really helps to have professional advice.
thanks- obviously if i dont get early discharge,will leave it-ps would OR likely to have any sympathy towards my plight if i explained(doubt it )-thanks again.
I doubt if the OR would have much sympathy. They are tasked with claiming as much money for your creditors as possible so if an option of a lump sum is available chances are the OR will claim it.
The OR would check whether a lump sum were available if the pension were to be cashed in early. If it was then they would be able to claim this amount in order to pay your creditors.
During your BR the OR has complete control over your finances so any insurance policies, pensions, endowment policies, etc. that can be cashed in early for a lump sum will likely be claimed by the OR.
chance to take pension early and lumpsum
Posted - 16 October 2009 : 19:51:33
