Can I still Pay My Pension during BR

GoingUnder

I have a works pension, HMRC approved scheme. I therefore understand that it won't form part of my estate when I go BR.

However, can I still pay my contributions each month before surplus income is assessed? It comes out at source before I get my take home pay.

I'd really like to keep it going for obvious reasons.

Thanks

GU

iquit

To the best of my knowledge a works pension is 'safe', it's private pensions and life insurance that I seem to recall being of interest. Someone with more knowledge or experience will hopefully be round to clear things for you.

debtinfo

yes you can as long as the payments are not excessive

fermi

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part4/part_4.htm

31.7.109 Contributions to a pension or SAYE scheme

The official receiver should examine closely any deductions at source from earnings and consider whether payments or over payments into a pension scheme should be disallowed, as this is not an essential outgoing required to meet the reasonable needs of the bankrupt.

In most cases an individual can elect to stop or reduce their contributions to a personal pension for a period of time.

Whilst the bankrupt may argue this will have the effect of reducing future income, the official receiver should explain that the cost of maintaining his/her future income should not be made at the expense of his/her creditors.

In the same way where the employer operates a SAYE saving scheme (where a proportion of the bankrupt’s income is deducted at source to purchase shares in the employing company), this expenditure should be investigated and disallowed, to ensure that the full amount of income available is included in an income payments calculation.

GoingUnder

fermi wrote: »

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part4/part_4.htm

I can understand that and it seems quite reasonable. However I am in a Govt scheme which, if I opt out of, I cannot opt back in.

I cannot reduce payments as the contribution is fixed by the Govt.

Therefore my options would be very limited if they told me I had to stop paying.

fermi

In that case, I would imagine that they would allow you to continue to pay in the basic amount required to remain in the scheme.

GoingUnder

I'll keep my fingers crossed, many thanks

hisandhers1978

I recently had exactly the same thing and was allowed to keep mine. OR worked with take-home pay. Hope this helps

GoingUnder

I have everything crossed. Rang my local court today, no need for appointment just turn up between 10am & 11am file the papers, rock back up at 1230 in case the Judge wants to ask questions then job done.

Am filling the forms, they do take time!

Thanks GU

sizzler

Good Luck:)

GoingUnder

thanks

Get paid Friday which will give me the rest of the fees. Will look to go down there early next week.

GU