can official receiver claim pension after 20 years of being bankrupt

pdrskint

Due to ill health i was advised to go into voluntary liquidation in 1997 , l handed over my life policys and pension policies as requested, trustees cashed in over £ 8000 in policies, but took all this money for their costs, my pension fund at the time was worth about £1500.00 and i assumed my wife was entitled to half, the policies were handed back to me as had no value, as i was ill for sometime the policy was paid by sickness protection, now i can realise the policy and i sent to cash in a letter came from insurers stating official receiver has claim to this money? Any body out there with any info ,

debt_doctor

Hi,
In bankruptcies prior to 29th May 2000 pensions were not an exempt asset and can be realised many years later (without time limit). We are talking private pensions here, unlikely an occupational pension could be realised.
I have a feeling that there MAY be some form of low value exemption, I will attempt to look for that.
DD

debt_doctor

I would also say that since the Pension reforms (where you can elect to take your pension as a whole sum at aged 55) I have seen a lot more of this activity.
Prior to pension reform I can only remember perhaps a couple of cases in the debt team since we started in 2006. Since Reforms (which I think was April this year but not certain) we have seen about 8, so the trustees are certainly using the new rules.
DD

pdrskint

Thanks in plain terms , although trustees paid nothing into fund , are they entitled to it, and if i got divorced then my wife would be entitled to 50%, i agree that at the time of bancrupsy they could be entitled to 50% of value, but as i carried on paying into the pension, they have a right to take it, they have already tacken £8000.00 for a £800.00 debt.