Pension after bankruptcy

emjay23882

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. 

mwarby

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)

emjay23882

Apologies, what is an IPA ? 

luvchocolate

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?

emjay23882

Oh, yes I do have one. I just wasn't aware of the correct terminology. 

emjay23882

When I hit 55 I will be 18 months into it. 

luvchocolate

Wait until your 3 years is up then you earn/  recieve  anything. 
Not PPI that will always go the OR 

luvchocolate

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

emjay23882

OK thanks. 

Minkym00

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. 

emjay23882

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 ??