Pensions

nearlysixyears

My six years is up next January
At some stage after that I intend to retire and draw my local goverment pension. Is it absolutely safe from the OR?
I am entitled to a lump sum and an on going pension
Help and advice appreciated please

debt_doctor

Hi,

Provided you went bankrupt after 29th May 2000 and your pension is / was an HMRC approved pension scheme - virtually all occupational pensions are - so much so that the OR isn't even required to check with the provider, then your pension is safe and that includes the lump sum payment.
One change in recent times (which does not affect you) is that if a bankrupt is eligible to begin taken funds from a private pension whilst un-discharged or subject to an IPA then they can be made to do so whereas before it was the bankrupts choice whether to take payment or not. They would lose such monies to the bankruptcy estate.

DD

nearlysixyears

Thank you for that very helpful (and reassuring)

alastairq

.....................always best to petition BR in the decade before one is 60?

Or, as is the way of these things.....the ladies' retirement age...which, ostensibly 60, is creeping up year on year....is the 'new 60' actually 63 this year?

mistersauve

alastairq wrote: »

.....................always best to petition BR in the decade before one is 60?

Or, as is the way of these things.....the ladies' retirement age...which, ostensibly 60, is creeping up year on year....is the 'new 60' actually 63 this year?

I'd go along with that ideal...technically.
Unfortunately my world suddenly 'crashed' early 2012...so not that long ago and I was already in my 60's

None of know what's around the corner.

Looking back I can see the choices I made that I would change given the time over again.

No offence to anyone.....just feeling grumpy today after more
unnecessary letters and phone calls this morning.