forfeiture clause

2

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  • I would imagine that they are having to try to find the old files. I can't imagine many offices being able to lay hands on the files from 24 years ago quickly.
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  • Think they were lost years ago and so that is why no action taken. As I have been skint all this while, it never bothered me being bankrupt. I was never likely to be a company director or afford a mortgage. Did get a response from Scottish Widows to say they would contact the OR but as they sum was, if I recall right, under a grand; reckon it will be lost to fees!
  • Update, Have had a reply to an email. I have now been passed to an office in cardiff and have copied them details of the pensions along with other stuff, date of birth NI number and the like. Least something is happening now.
  • another update.
    Had a formal letter from one of the pension providers which starts the the following lines.
    " The rules of the plan do not permit you to assign your pension to your daughter." I had asked about if there was a forfeiture clause could the fund be assigned to my adult daughter, well there's that answered.

    It then went on to say "At the time of your retirement we will settle your benefits in accordance with the options outlined in the enclosed statement regardless of your Bankruptcy."

    So does that mean I get to keep the lump sum; or just we will pay it to you and then the OR will help himself to it?

    I still have had no reply from the Cardiff office of solicitors assigned to the case.
  • Minkym00
    Minkym00 Posts: 770 Forumite
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    edited 29 September 2019 at 7:42AM
    Sounds like they are saying they will pay up but, as I stated before, the pension vests in the bankruptcy. As your bankruptcy was pre-2000 it’s claimable by the OR.
  • Update ( for what its worth) Having been contacted by a cardiff office I have now had an email from Birmingham and the have sent a Huge booklet as a PDF. Seems like the one I filled in so many years ago. Gave me 2 weeks to fill it in and yet a month after sending it back I have heard nothing from them. I know many of you will think I am making all this up but life is stranger than fiction in this case. The daft thing is If I get to keep my pension I will be able to pay my rent, if not I will have to claim housing benefit. So HMRC gets my pension and the government pays me housing benefit, or I get my pension and don't claim benefit. Life ...
  • As the pension is an asset in your bankruptcy, the funds will not be paid to you.
  • fatbelly
    fatbelly Posts: 20,457 Forumite
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    As the pension is an asset in your bankruptcy, the funds will not be paid to you.

    Bill is correct. I guess there is a slim chance that the sum from the pension exceeds the amount the creditors are owed plus the OR fees. In that case you would receive something.

    And that's the only way you will receive anything.
  • Minkym00
    Minkym00 Posts: 770 Forumite
    First Anniversary Name Dropper First Post
    And is also what I have been saying all along Fatbelly.
  • Yes Minkey
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