How does private work pension affect an application for an IVA or bankruptcy ?

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Dee.05

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Post by Dee.05 » Tue Jul 15, 2014 5:32 pm
Does having an old private work pension that I am unable to cash in until retirement age affect my chances of an iva or declaring myself bankrupt?
 
 

MelanieGiles

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Post by MelanieGiles » Tue Jul 15, 2014 8:53 pm
Hi Dee and welcome to the forum

The pension should be ringfenced from all fors of insolvency, however if you cash it in then the proceeds may be at risk - and if you are entitled to a lump sum draw down whilst an undischarged bankrupt this is likely to be grabbed.

How old are you, and when do you become entitled to draw the funds down?
Regards, Melanie Giles, Insolvency Practitioner
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