Bankruptcy & Pensions

lionbait · 16th November 2007, 22:53

Hi All,

I'm abroad but my debt in the UK is still ever present and the letters keep coming.
I haven't told them I'm abroad, but my Royal Mail redirection keeps me abreast of what's going on back home.

I have now raised the funds to send my UK finances backrupt...which I would like to do in case I want to move back in a couple of years...we can't guarentee that the creditors will wrtie off the debt after a few years, can we?

My only asset back in the UK is my pension (has been running for 7 years whilst on a £30k+ salary). I can't move it to my current location as I am only a temporary resident, at the moment. I assume that the official receiver will want to strip the funds from my pension to give to creditors...is this correct, as it's not an immediate asset but something I was relying on in a few years (about 15). It's a company scheme so, if I take the funds out myself, I expect I would lose their contributions.

Is there anything I can do to protect my pension fund? Will the reciever want to get his hands on it?
If I will lose it anyway, I may aswell close it and use any funds I get to fund the bankruptcy!

Many thanks,

LB

tomterm8 · 18th November 2007, 19:59

My understanding is that pensions of normal size are generally exempt from BR on public policy grounds.

Call national debt line to confirm.

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