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Pension after bankruptcy

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Hi, I was discharged 2 months ago and am 55 in November. Do I have to submit any of my pension if I access it. 
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  • mwarbymwarby Forumite
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    Do you currently have an IPA in place, if yes I would avoid accessing the pension if you can, if you haven’t then your free and clear to do as you please with no risk of the OR being interested (although you shouldn’t be claiming PPI or similar as the OR still has the right to persue this, or similar cases where you were due a refund or could have started action to claim a refund)
  • emjay23882emjay23882 Forumite
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    Apologies, what is an IPA ? 
  • luvchocolateluvchocolate Forumite
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    Income payment agreement. 
    If you have surplus income over £20 you have to make a payment for 3 years. 
    I would imagine the fact you don't know what it is you don't have one?
  • emjay23882emjay23882 Forumite
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    Oh, yes I do have one. I just wasn't aware of the correct terminology. 
  • emjay23882emjay23882 Forumite
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    When I hit 55 I will be 18 months into it. 
  • luvchocolateluvchocolate Forumite
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    Wait until your 3 years is up then you earn/  recieve  anything. 
    Not PPI that will always go the OR 
  • luvchocolateluvchocolate Forumite
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    You have to inform your OR and your IPA could be raised. 
    You should have enough income to live on your payments shouldn't be more than you can afford a decent standard of living. 
    If you're having problems speak to your OR
  • emjay23882emjay23882 Forumite
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    OK thanks. 
  • Minkym00Minkym00 Forumite
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    If you draw down from your pension whilst in an IPA then the OR will claim it on a sliding scale based on how long left you have on your IPA as follows:
    • 24-36 months remaining – 75% of the lump sum
    • 12-24 months remaining – 50% of the lump sum
    • 1-12 months remaining – 25% of the lump sum
    So you will have to give up half. Wait it out if you possibly can. 
  • emjay23882emjay23882 Forumite
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    Hi,  I guess the OR will claim a portion of my pension up to the amount owed to creditors at the time of my bankruptcy. I pay £454 per month IPA which is £16k after 3 years. I owed creditors   £30k , so will they only claim £14k ?? 
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