Pension

freemo

I was automatically discharged from Bankruptcy in April 2012. I have recently learned that I can take my BT pension early, which would involve a tax free lump sum, plus monthly pension payment.

Recently I have had to care for my father full time and a monthly pension would certainly help with the hours I lose at work, plus I owe family money, which the lump sum would certainly help me repay.

With regards to the lump sum, can the OR take it off me

Thanks

PippaGirl_2

Are you in an IPA/IPO? If so, they may take any interest that the lump sum might provide each month for example if deemed excess in an SOA. If you are not in an IPA/IPO then no.

freemo

I have glossary in the proposals and there is no mention of IPA/IPO - or anywhere in the paperwork - not that I know what that means. Also what is SOA?

What I have is a pension for when I worked at BT before my children were born 21 years ago.

I won't take it wrong, and please don't take it wrong, but please speak to me as though I am an idiot. I know nothing about pensions!!

Thanks

Mouse1812

IPA = Income Payment Agreement
IPO = Income Payment Order (court order if you didn't agree)

Are you paying anything to the OR post bakruptcy? some bankrupts have to make a monthly payments for upto 3 years, but these payment agreements must be set up before discharge.

If you are not making any payments then the Pension is all yours and can not be touched by the OR.

freemo

No payments were set up, by the court or by the OR.

freemo

Do I have to notify the OR?

mattannar

Did you declare your pension on your on the forms you sent to the OR?

freemo

Tbh I don't remember. I only vaguely remember the interview (it was 2 years ago) and I may have been asked if I had a pension and I would have made no secret of it.

My forms were filled out by a financial advice company.

Mouse1812

freemo wrote: »

Do I have to notify the OR?

No, you're discharged