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 can they take works pension off you
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andreamc
Starting Member



4 Posts

Posted - 17 December 2009 :  20:29:12  Show Profile  Visit andreamc's Homepage  Reply with Quote
can i ask if you go bankrupt and you have a works pension and only 45 at the moment so not recieving it yet can they take it off you at a later stage

Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 17 December 2009 :  20:39:38  Show Profile  Reply with Quote
Hi Andrea

certain types of pension they can take the profits

ask the question direct to your employers HR team

as obviously this will make a difference to when you declare BR

regards Richard
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Skippy
forum expert



United Kingdom
3290 Posts

Posted - 17 December 2009 :  20:43:33  Show Profile  Reply with Quote
As far as I'm aware if it's a government approved pension and you're not receiving payments from it then it will be safe.

Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.

View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/

29 IPA payments made, 7 to go - in single figures!
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Richard P
Senior Member



United Kingdom
1701 Posts

Posted - 17 December 2009 :  20:51:03  Show Profile  Reply with Quote
Hi Andrea

Let me re phrase my last.

A normal company pension that the benefits can only be drawn down on achievement of an age (65) is to the best of my knowledge safe

however an additional pension savings scheme or private pension scheme is very vulnerable as it is considered to be like an endowment.

the question to ask your employer is can you as an individual access that pension pot to say purchase a property or car , if the answer is YES so can the OR access the policy

regards Richard
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debtinfo
forum expert



2826 Posts

Posted - 17 December 2009 :  21:11:25  Show Profile  Reply with Quote
The main thing to look for is if the pension fund is HMRC approved, If it is, it is exempt from the bankruptcy
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Housing
Senior Member



United Kingdom
1399 Posts

Posted - 17 December 2009 :  22:16:33  Show Profile  Reply with Quote
Hi,

I agree with Skippy and debtinfo - my three pensions are safe

DO seek advice as necessary - I am sure some of the other experts will come along.

regards, Richard

"There are no problems - only solutions..."
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