Last Question I Hope (doubt it but I hope)

owetoomuch

I pay into a local authority pension scheme and the form asks how much is the pension worth, I dont know and looking at my last pension statement I still dont know, should I leave blank and take pension statement with me to court?

fermi

I don't have a lot of experience on the pension side, but if it exists then you must put it down.
Just put that you are not sure of the value.

See this:http://www.insolvency.gov.uk/guidanceleaflets/pension/pension.htm

How will bankruptcy affect my pension?

Following the introduction of the Welfare Reform and Pensions Act 1999, where a bankruptcy order was made on a bankruptcy petition which was presented on or after 29 May 2000 all pension schemes which have been approved by HM Revenue and Customs do not form part of a bankrupt's estate and therefore cannot be claimed by the trustee in bankruptcy.

What are approved pension schemes?

Approved pension schemes are essentially:

• any pension schemes registered under section 153 of the Finance Act 2004 (essentially schemes registered by HM Revenue and Customs plus annuity contracts used to secure benefits under a registered pension scheme which do not
  provide for immediate payment of benefits) • all retirement annuity contracts;
• any personal pension schemes approved by the HM Revenue and Customs for tax purposes; and
• stakeholder pensions.

These are the most common approved pension arrangements, but yours may be different. If the official receiver is in any doubt as to whether your pension scheme has been approved by HM Revenue and Customs, he/she will write to your pension provider for confirmation.

Once the official receiver is satisfied that your pension is an approved pension arrangement he/she will write to you and to your pension provider confirming that the pension does not form part of the bankruptcy estate.

I would imagine a local authority pension scheme would be safe.:D