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  • FIRST POST
    • elephant1957
    • By elephant1957 12th Feb 18, 3:39 PM
    • 2Posts
    • 0Thanks
    elephant1957
    Pension pot
    • #1
    • 12th Feb 18, 3:39 PM
    Pension pot 12th Feb 18 at 3:39 PM
    Hi all i was made bankrupt in 2008 and was signed of a year later, during that time i had told them everything but last year i found out I had a pension pot from an old opt-out protected rights pension fund from the 80s that I knew nothing about.
    I am now 60 and would like to cash it in to pay for a few things, does anyone know if I cash it in will they take it !
Page 1
    • TheGardener
    • By TheGardener 12th Feb 18, 7:13 PM
    • 2,302 Posts
    • 2,202 Thanks
    TheGardener
    • #2
    • 12th Feb 18, 7:13 PM
    • #2
    • 12th Feb 18, 7:13 PM
    If you became bankrupt before 29 May 2000, the OR would have taken control of your assets and passed them over to a Trustee in Bankruptcy (TIB). The assets in the TIB would have been used to pay off your creditors. Retirement benefits were viewed as an asset and would be included within this....BUT...If you have workplace pension scheme benefits, personal pension scheme benefits, stakeholder pension scheme benefits or Section 32 benefits, and are declared bankrupt on or after 29 May 2000, you are protected against any claim by the Trustee in Bankruptcy (TIB).

    However, there is a caveat whereby the OR can claim the pension or part of it if there were what it considers to have been 'excessive' contributions - or in other words, if the OR suspects you were stuffing money into the pension in order to hide it from creditors.

    So I would expect you should be fine to claim the pension.
    Last edited by TheGardener; 12-02-2018 at 7:17 PM.
    • debt doctor
    • By debt doctor 12th Feb 18, 8:09 PM
    • 4,254 Posts
    • 5,935 Thanks
    debt doctor
    • #3
    • 12th Feb 18, 8:09 PM
    • #3
    • 12th Feb 18, 8:09 PM
    Hi,
    I agree with the gardener, your pension was not an asset in your bankruptcy provided it was an HMRC approved pension (I've never found one that isn't).
    It's your money.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
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