We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Personal pension after BR
sundancer101
Posts: 111 Forumite
Hi All, I went br in 1992, at the time they administrator took details of my personal pension and made an attachment to it precluding me from changing anything on the policy without their permission (ie switching funds etc). This attachment is still in force. In 2 years time I will be 50 and therefore old enough to convert the plan into a lump sum and annuity (I don't want to do this). I have read up on this and know that the rules on this changed some time after my br, however it appears that the administrator has the right to 'cash in' the non protected rights element of my personal pension once I reach 50 and also to take any annuity payments at their discresion. Anyone have any advice as to what I should try and do to prevent this?
My person pension has a 'pot' of around 40k at this time.
Thanks in advance for any advice.
My person pension has a 'pot' of around 40k at this time.
Thanks in advance for any advice.
0
Comments
-
*bump* just in case anyone missed this and can advise0
-
I would advise professional advice on this one.0
-
I had to surrender my Pension Fund, worth about £7k, to the OR, as one of my assetts. When I received my early discharge, I was informed that all assetts, including my PF, would be kept by OR and realised for the benefit of my creditors.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Hi again - because of the vagaries and complexity surrounding the whole issue of Pensions and Bankruptcy, I have just looked at the Insolvency Service Website, for clarification:
This only deals with Pensions in Bankruptcy after 2000, yet states that pensions approved by HMRC do not, normally form part of the bankruptcy estate. Obviously this has more bearing on my own position than that of sundancer, since he was made BR in 1992.
However, it does show that the issue is NOT straightforward, and I suggest that sundancer seeks advice from the Insolvency Helpline at:
Hope this helps.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Thanks to all the replies - I will follow up those links.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards