I know someone who may want to go BR and has an occupational retirement pension. How does BR affect an occupational retirement pension? I think I know that it would become an asset in the BR estate but is it normally lost to the BR -even after discharge? Could it be used for an IPA/IPO for 3 years and then revert to the discharged BR? Could the pension provider close down the pension, e.g. if the pension provider was a bank who was a creditor in the bankruptcy? Does it all depend on what the T&C's of your pension are?
ask your friend to check with the pension company whether or not the pension scheme is Inland Revenue Approved. If it is the OR can't touch it, many work related pension schemes fall into this category.
One issue this person might have is that they owe money to the pension provider and a clause in the pension may state that the pension has to be paid into an account provided by the pension provider. Yes, it is a bank. Its complicated. Need to investigate if there is a forfeiture clause, too.
BR & Pensions
Posted - 23 November 2008 : 13:01:16
