Private pension fund going to be cashed in by OR

sundancer101

I went BR in 1993 and OR took details of my personal pension plan. I knew that an attachment had been made on the plan and so it has come as no surprise to receive a letter asking if I want buy back the plan from the OR. The non protected part of the plan has around 26K in it now and the OR wants 45% of this from me if I wish to buy it back. There is no way I can afford this so it seems in 12 months time (my 50th birthday the OR will 'cash in' my plan, take the 25% cash lump sum and the next 5 years payments.

My questions are:
1) It has been 15 years since my BR - surely the debts would have been written off by the companies concerned - the biggest debtor is no longer in existance!, so what happens to the money if there is a surplus?

2) The protected rights cannot be touched but as the OR is in effect cashing in all of the policy do I have to buy an annuity or whatever with the protected part of the plan or can I keep it going until I wish to redeem it?

Many thanks in advance for any advice given.

DON79

just doing a little bump up on this in case someone can help, sorry I can't but someone may have the expertise required.