Pensions

YamahaR6

I'm sure I've asked this before but I can't find it!

Am I right in thinking that any pension schemes approved by HMRC can't be touched by the OR? I've got 3 company pensions and one personal one (which i stopped paying into a couple of years back) but after ringing round today discovered that they're all approved by HMRC so presumably when they all mature in 2045 I'll be able to keep the miniscule amount that they'll all be paying me?

philnicandamy

the "official" word

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/pension.pdf

Needsassistance

For some reason I cant open that link....i hate my t'internet!!!

So are military and police pensions HMRC approved ??

Tinytim

Military and police pensions are approved, but there are slightly different rules relating to military pensions (but treated the same for these purposes).

Unapproved pensions (which are not very popular or common) were generally used by business owners as a tax planning vehicle rather than a retirement plan. Generally, they do not benefit from the taxation advantages of approved schemes and therefore there are fewer restrictions on the level of contributions which can be made. It is entirely possible that a business owner could make large contributions to such a scheme in the run up to BR in an attempt to protect funds from creditors, and that is why the OR needs to be able to get it back.