Hi....moved 3 private pensions into a sipp in 2012, failed in 2016 been in a iva from 2010 to 2016 got my completion certificate in April 2016, had solicitors fighting my case from June 2018 they want to make a claim to the fsca but say it will be classed as windfall is this right thanks.
Pensions are looked on as an asset and are not usually paid into the IVA if drawn down after the date of completion. Have you still got your old paperwork ? In some arrangements pensions and proceeds are specifically excluded, which would strengthen the arguement that the money is yours to keep.
However, in this instance we are talking about compensation, not pension proceeds and, like PPI, any refunds / compensation which existed during the IVA are an asset of the IVA. Much would depend on when the sipp failed as potential compensation would not, it could be argued, existed until the failure. If the sipp failed before completion, the money belongs to the IVA. If after completion ( the date of issue of the certificate) it could be argued that the money was yours.
This might all be a moot point if the former IP declares no interest in the refund, in which case it would be yours either way.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi thanks for the replies the 3 pensions where moved into a sipp by a unregulated financial advisor in 2012 so thought I had lost all my pension when it failed but 2 years ago I was told to make a claim against berkley burke because they are regulated,and have now gone into administration so now having to claim from fsca,so this is all happening nearly 4 years after completing my iva thought pensions where exempt from iva wanted to put any money I get back in to a safe pension does not seem right that I will be left with nothing thanks in advance for any replies.
This is not clear cut as I would think the monies belonged to your IVA as even though the claim was not brought about until post completion, the underlying issues were incurred prior to the IVA.
If your Solicitors cannot advise you then you should speak to a specialist Insolvency Solicitor. I can recommend one if you send me an email.
