I have accrued substantial debts with Barclaycard and am an ex employee of Barclays Bank with a small Barclays Pension which is in payment. Can Barclaycard offset my debts against my remaining pension. I am concerned that when I reach retirement age I will not be able to survive on just the state pension if Barclaycard should take away my Barclays bank pension.
The pension is administered by a trust on behalf of Barclays and they should not be able to interfere with its payment. It is, however, income, which they could garnish with the correct court orders if they so wish.
There should also be firewalls between Barclays and Barclaycard as they are different entities within the group --- whether these are robust or not I couldn't say.
There might also be specific terms and conditions attached to your previous employment and pension rights.
Not a clear cut or helpful answer I am afraid.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree that the pension pot itself should be safe but the income could be used to repay the debt. Get some free advice from an insolvency firm as there may be options out there for you.
