Lothbury Pension Administration?

chainbar_loyal

imm not sure if you are financially minded mr paper man ....barclays are taking their costs out of our ex pension money wilson fields are taking money out of our ex pension fund are you seriously suggesting what little if anything is left we have to pop back in a pension fund of wilson fields choosing????? do as i say not as i do????

wallpaperman

chainbar_loyal wrote: »

imm not sure if you are financially minded mr paper man ....barclays are taking their costs out of our ex pension money wilson fields are taking money out of our ex pension fund as your seriously suggesting what little if anything is left we have to pop back in a pension fund of wilson fields choosing????? do as i say not as i do????

If you are referring back to the post I made a couple of weeks ago, then quite honestly the answer is 'Yes', it should go back in a pension fund of some sort (not sure where you got 'of wilson fields choosing' from though)

The money belongs to your pension fund, if you are under 55 you are not legally entitled to any cash, never have been, so I can't see how they could have distributed any surplus funds to individuals. Sorry, just the way I see it as someone who works in the pensions industry.

waggy307

Surely Barclays are creditors the same as us so should only receive the same percentage of payment as we get

Mancyouth

Barclays are not creditors. But there are others- such as the local authority Lothbury owes rates to, the former employees of Lothbury who have not been paid etc. These are all preferential creditors who would be paid before those who deposited a pension with Lothbury.

Mancyouth

wallpaperman wrote: »

If you are referring back to the post I made a couple of weeks ago, then quite honestly the answer is 'Yes', it should go back in a pension fund of some sort (not sure where you got 'of wilson fields choosing' from though)

The money belongs to your pension fund, if you are under 55 you are not legally entitled to any cash, never have been, so I can't see how they could have distributed any surplus funds to individuals. Sorry, just the way I see it as someone who works in the pensions industry.

Wallpaperman - The money in question is not a pension- it came from a legacy pension and was transferred to a bank account but was never moved to the new offshore pension scheme. As a result its not regulated and does not fall under the normal rules of withdrawing capital from a pension. This has been confirmed by the pensions regulator and the pensions advisory service. HMRC are unclear on what tax is applicable, as it could be classed as income or even capital gains.

chainbar_loyal

i would advise any creditor to get in touch with the financial ombusdman and lodge a complaint in against barclays about their handling of our money

chainbar_loyal

wallpaperman wrote: »

If you are referring back to the post I made a couple of weeks ago, then quite honestly the answer is 'Yes', it should go back in a pension fund of some sort (not sure where you got 'of wilson fields choosing' from though)

The money belongs to your pension fund, if you are under 55 you are not legally entitled to any cash, never have been, so I can't see how they could have distributed any surplus funds to individuals. Sorry, just the way I see it as someone who works in the pensions industry.

which pension fund does it go back into?????????:rotfl::rotfl:when i transfered the money over the pension was closed do keep up also if that was the case that the money had to go into a pension which one i dont know please enlighten me and tell me were the odious wilson fields -the ....ahem administrators will get their fees from????and also where will barclays get their legal costs from???? if pension money cant be touched that means the parasites dont get paid ....mmmmmm that dosnt sound too bad

chainbar_loyal

fluter wrote: »

As of 14.11pm 25/01/2013 Lothbury pension admistration,LEEDS
HIGH COURT put the company into ADMISTRATION:j

if that money is deemed as pension money kelly neither you been wilson fields nor barclays will see a penny of it :rotfl::rotfl::rotfl:

robmatic

Mancyouth wrote: »

Wallpaperman - The money in question is not a pension- it came from a legacy pension and was transferred to a bank account but was never moved to the new offshore pension scheme. As a result its not regulated and does not fall under the normal rules of withdrawing capital from a pension. This has been confirmed by the pensions regulator and the pensions advisory service. HMRC are unclear on what tax is applicable, as it could be classed as income or even capital gains.

If that's the case you have a tax bill to pay HMRC (the transfer to a bank account was an unauthorised payment) which will probably wipe out any cash that you're expecting to receive. I doubt HMRC are unclear about this.

Mancyouth

robmatic wrote: »

If that's the case you have a tax bill to pay HMRC (the transfer to a bank account was an unauthorised payment) which will probably wipe out any cash that you're expecting to receive. I doubt HMRC are unclear about this.

From the research I've done and consulted with pension specialists, there is no other case like this- hence why there is so much divided opinion and assumptions. Once this is concluded i expect it will act as a test case for future similair scenarios.
The money would not be an unauthorised payment as it is not part of an existing pension (Lothbury never moved it to the offshore pension scheme). The legacy pension provider is detached from the money, so if HMRC do intend to hit us with the 55% tax then it will be on whatever the gross value of the overall payment we get back from the administrator (xx pence in the pound).
And on that basis, how can the pension funds be used to pay non-pension creditors (e.g outstanding rent, employees etc). The pension funds do not and should not form part of the company's assets.