Pension

geeka

Hi all,
If i go bankrupt what happens to my pension? i have an old pension which is worh 5k, will this be taken off me and what about my current job pension i have just started can they touch it?
thanks
tim

ImStillAlive

That would depend on the type, have a read here-

http://www.insolvency.gov.uk/guidanceleaflets/pension/pension.htm

Richard_S

geeka wrote: »

Hi all,
If i go bankrupt what happens to my pension? i have an old pension which is worh 5k, will this be taken off me and what about my current job pension i have just started can they touch it?
thanks
tim

Hi tim,

Some of the older pension funds can be classed as assets in a bankrupt's estate, but generally speaking they are not touched. Your best bet would be to contact the Insolvency Service and ask them the question. You can either email or phone.

Your current pension scheme won't be touched unless you've piled £000's into it as a means of frustrating creditors. I don't think pension payments are classed as essential expenditure when calculating whether an IPA is payable, so any contribution would need to come from any surplus income over and above any IPA payments.

Richard

geeka

hhhmmm, i'll have to look into it. i'm so annoyed at getting into so much debt.

ClaireLR

Hi Geeka,

I think we all feel annoyed with ourselves to a point, I know I did when I realised the extent of my debt

Just keep coming back here if you need help/support, the guys (and gals!) here are great and we will all help you if we can.

geeka

thanks, i'm starting to get together all my stuff for going bankrupt. is there a quick guide to it i can link to, there are loads of threads and i'm a little lost.

ClaireLR

The best thing to do is keep reading the threads really, just have a trawl through and look for ones that seem relevant to you

I did a thread before my bankruptcy and asked all my questions there, I'll try and find the link and post it for you, you could maybe start your own then and ask anything you need to know?

be right back

ClaireLR

Ok here are the links, the first one is a thread I started before bankruptcy to ask questions, some of the stuff might not apply to you but it might make you think of other things you need to know

The second link is for the thread I started about my experiences, what happens on the day and with the OR interview etc

http://forums.moneysavingexpert.com/showthread.html?t=457832

http://forums.moneysavingexpert.com/showthread.html?t=495336

If you need any more help just yell!

geeka

thanks claire, its all very helpful so far, i'll do the same so people can see my experience, you might be getting some questions!!!!!