company pension in bankruptcy

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floridaholiday

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Post by floridaholiday » Thu Aug 12, 2010 9:53 pm
If we go Bankrupt what will happen to hubbies company pension he has been paying into for 23 years will it get taken
 
 

Shining

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Post by Shining » Thu Aug 12, 2010 10:01 pm
hi there, sorry I don't know the answer to this, but someone will be along very soon that does of that I'm sure. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Aug 12, 2010 10:18 pm
Not usually. Most occupational pension schemes are completely ringfenced from bankruptcy proceedings, but if he becomes entitled to any draw downs during the bankruptcy period these are unlikely to be protected.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Imhotep

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Post by Imhotep » Thu Aug 12, 2010 10:27 pm
I was asked if I was paying a 'standard (or minimum) contribution' into my work pension fund while discussing my IVA proposal with CCCSVA.

Will it be 'ringfenced' in an IVA? I've been paying into it for 25 years.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Aug 12, 2010 10:27 pm
Yes - your pension is completely safe from creditors once your IVA is accepted.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Imhotep

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Post by Imhotep » Thu Aug 12, 2010 10:32 pm
Phew! Thanks Melanie.

As I have leukaemia I try to keep an eye on things that will impact on the wife and kids.

(sorry for hijacking your thread floridaholiday)!
Last edited by Imhotep on Thu Aug 12, 2010 10:33 pm, edited 1 time in total.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Aug 12, 2010 11:25 pm
That must be an absolute priority for you imhotep - and make sure you pay maximum contributions into the scheme whilst in your IVA. Creditors would probably allow this if your circumstances were clearly explained by your IP.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Julie

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Post by Julie » Fri Aug 13, 2010 6:42 am
Hubbys pension was not affected by IVA or BR.
 
 

carole2662

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Post by carole2662 » Fri Aug 13, 2010 8:08 am
We were only allowed to pay minimum into our pensions due to being under 55. I think this stinks as we need to save as much as possable for old age as the state wont put the jam on the bread.I was 53 when we started IVA nd hubby was 51 I pay just enough to keep mine going as I have life insurance in mine and hubby has had to drop his to £25 as he also has critical illness.I think this kind of expence should be reviewed and bought up to date.
 
 

kallis3

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Post by kallis3 » Fri Aug 13, 2010 8:12 am
My pension has not been affected at all. I pay 6.8% and it was never challenged.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Shining

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Post by Shining » Fri Aug 13, 2010 8:15 am
In IVA my pension hasn't been affected at all but I know some posters are asked to reduce or freeze their contributions as per previous posts. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Fri Aug 13, 2010 8:22 am
It's all down to individual companies and creditors I think. Mine was never mentioned at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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