Will they take my Pension?

MammaCas

(me again)..

Just listing my pensions under the Assets bit on the forms, I've dug out all te paperwork, I have a few 'frozen' pensions from previous employment which are of small value, but I've worked for my current employer for 10 years and my company pension value is £49000!! Now I am only 40 (yes, ONLY ) so I won't be entitled to any payouts until 2032, but can the OR 'take' this money?

Thanks in advance :T

dalip

Hi Again
I had a deferred pension from a old employer and my OR said they don't usually touch pensions.

MammaCas

dalip wrote: »

Hi Again
I had a deferred pension from a old employer and my OR said they don't usually touch pensions.

Thank you, you're a star!

Was going into full on panic mode then.:rolleyes:

dalip

Hey Don't get too excited i could be wrong mine was only worth £890 not £49000, big difference girl:D

MammaCas

dalip wrote: »

Hey Don't get too excited i could be wrong mine was only worth £890 not £49000, big difference girl:D

Ooh Just a slight difference there

Hope someone else can reassure.....

dalip

Yes so do i or i will feel a right t**t. But you can not cash it in anyway can you?

Scarlett.1974

Don't want to get your hopes up C, but am looking at the insolvency site as we speak (type!)........

BRB

MammaCas

Scarlett.1974 wrote: »

Don't want to get your hopes up C, but am looking at the insolvency site as we speak (type!)........

BRB

:T What would I do without you? :beer:

Scarlett.1974

From the insolvency site:

How will bankruptcy affect my pension?

Following the introduction of the Welfare Reform and Pensions Act 1999, where a bankruptcy order was made on a bankruptcy petition which was presented on or after 29 May 2000 all pension schemes which have been approved by HM Revenue and Customs do not form part of a bankrupt's estate and therefore cannot be claimed by the trustee in bankruptcy.

What are approved pension schemes?

Approved pension schemes are essentially:

• any pension schemes registered under section 153 of the Finance Act 2004 (essentially schemes registered by HM Revenue and Customs plus annuity contracts used to secure benefits under a registered pension scheme which do not
  provide for immediate payment of benefits) • all retirement annuity contracts;
• any personal pension schemes approved by the HM Revenue and Customs for tax purposes; and
• stakeholder pensions.

These are the most common approved pension arrangements, but yours may be different. If the official receiver is in any doubt as to whether your pension scheme has been approved by HM Revenue and Customs, he/she will write to your pension provider for confirmation.

Once the official receiver is satisfied that your pension is an approved pension arrangement he/she will write to you and to your pension provider confirming that the pension does not form part of the bankruptcy estate.

Now.... I'm not too hot on pensions, but it looks like as long as yours is approved by HMRC it should be untouchable by the OR. (see the bit I've highlighted and underlined)

Can anyone clarify this please for MC?

MammaCas

dalip wrote: »

Yes so do i or i will feel a right t**t. But you can not cash it in anyway can you?

No, I can't but not sure if the OR can :eek:

Scarlett.1974

Re: death in service benefit:

What happens to my pension scheme death benefits if I die before my discharge from bankruptcy?

Sometimes a bankrupt dies between the making of the bankruptcy order and the date of their discharge from bankruptcy. If the pension scheme does not provide for a nominated beneficiary (or class of beneficiary) to receive the death benefit, the death benefit can be claimed by the trustee.


If I were you, if you have G named as the benificiary, I would get that changed to D&A if you can