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Pension

I am about to go bankrupt and have a pension in the UK to which I have not contributed to in the last 15 years. Is this taken into account as an asset which the bankruptcy will take from me?? I believe the pension company will only transfer to another recognized pension fund and will not allow this to pay off any debts. However, can you give me some advice??

One Response to “Pension”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Normally nothing happens directly to the pension monies, but they are subject to the Surplus Income Rules as it makes up part of the total income received by your household. If your household income exceeds the income standards you will have to make additional payments to your trustee. However, there are significant provincial differences one can encounter when dealing with individual assets therefore I suggest you to contact a licensed trustee in your area and have him review any documentation you may have relating to this pension.