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Max Lowry
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Category: Bankruptcy Law
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Experience:  LLB, 10 years post qualification experience
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Hi, I was declared Bankrupt in 1995. The Official Receiver

Resolved Question:

Hi, I was declared Bankrupt in 1995. The Official Receiver told me at that time that my private pension policy could not be taken, but the trustee took the capital lump sum and is also taking the income payments. Is this correct?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Nicola-mod replied 2 years ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 2 years ago.
Hi , it's no
Problem to wait , thank you
Expert:  Nicola-mod replied 2 years ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Max Lowry replied 2 years ago.
Hi, welcome to the site. My name is ***** ***** I will help you with your question. The Trustee was wrong when he told you that you private pension would not be touched when you were made bankrupt. The law pre May 2000 is I'm afraid clear. All rights under most pension policies which included private pensions (without a forfeiture clause) which were in existence at the date of the bankruptcy vested in their bankruptcy estate. This means the trustee could and can take the asset and use the funds realised for the benefit of creditors. All your rights which you had in respect of the pension at the date of bankruptcy would have vested in your trustee. The trustee is entitled to take payments which the pension/annuity pays out.
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Category: Bankruptcy Law
Satisfied Customers: 1457
Experience: LLB, 10 years post qualification experience
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