Pension Fund - Bankruptcy

Flyboi

Hi All,
I could really do with some advice. I was declared bankrupt last month and everything seems to of gone well.  I had my interview and the OR confirmed he didn’t need anything else and that appeared to be it. However yesterday to my surprised I received a little from a pension fund I had in 1995 and was only in it for a year advising me that they were winding up the fund and the benefits had accumulated over the years I now have a choice of receiving a lump sum or if I do nothing the benifits will transfer over to a new pension provider but they cannot confirm it will have the same value.  (This is the short version of my problem). I had read somewhere that the OR are no longer allowed to take funds after bankruptcy that relating to pensions and lump sums but it’s all a bit of a mind field if I’m honest.  Does anyone know or provide a bit of advise?  To be honest with everything that’s going on at the moment the money would come in very handy as I’m furloughed at the moment and loosing my job at the end of July with nothing on the horizon. Does anyone know if the OR would take it all if I declare it, do I have to declare it ? (Which I’m sure I do). To be honest, it’s a little beyond me if I’m honest.  

Any ideas ?
Thanks in advance. 

sourcrates

Are you 55 or over ?

If you take a lump sum from your pension before you are discharged, this is treated as an “after acquired” asset and you may have to pay all of it to the OR.

Info here -

https://debtcamel.co.uk/pension-safe-bankrupt/

Flyboi

No im under 55. However it’s not a lump sum like that it’s to do with benifits because the pension funds is closing if that makes sense but I guess it doesn’t make a difference 

sourcrates

Your best just allowing them to re-invest the money, and once your over 55 you can get access to it, better than losing it to your creditors methinks.