Took Cash Out Option for Pension
April 23rd, 2013 by Questions
I experienced sudden job loss last year. Now working again at much lower income. During my 5 months of no job, I used credit and took a cash option (~12k) on my former employment pension plan to keep bills current. This has finally caught up to me and I can no longer sustain – so will be speaking to a trustee about a CP.
My question is if the pension payout I took will be a major factor in my CP being accepted or the payment? The money is long gone so its not sitting somewhere to just pay out of pocket.
Posted from: Ontario