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Lump Sum
kemimath
Posts: 5 Forumite
Hi, looking for some advice.
I have a very small pension pot worth less than £2,000 as a lump sum when I turn 55 in a couple of months and was thinking of simply cashing it in as I already have two decent Occ pots.
My question is, I was made bankrupt in early 2000s, being discharged in 2007, so there is nothing on my credit file. Can the administrator still take any cash I claim even after all this time? I know people lost out with PPI because of a previous bankruptcy or sequestration.
BTW I was made bankrupt in Scotland if that makes any difference.
Cheers
I have a very small pension pot worth less than £2,000 as a lump sum when I turn 55 in a couple of months and was thinking of simply cashing it in as I already have two decent Occ pots.
My question is, I was made bankrupt in early 2000s, being discharged in 2007, so there is nothing on my credit file. Can the administrator still take any cash I claim even after all this time? I know people lost out with PPI because of a previous bankruptcy or sequestration.
BTW I was made bankrupt in Scotland if that makes any difference.
Cheers
0
Comments
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Probably better to post this on one of the debt forums , where there are experts on this kind of thing.0
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If your workplace pensions have pots (aren't defined benefit) then you could transfer it to one of them.
If you take it, ensure that you say you want to use the "small pot rule". Else it'll be done as UFPLS and your future pension contributions will be restricted to £4,000 a year by the MPAA. Both ways pay 25% tax free.1
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