I was declared bankrupt in the Norwich County Court -191 of 1999 I have recently received a Letter from the official stating they have an interested in my Abbey Pension.Currently valued @ £6,991.64. The letter states '' if you wish to make an offer close to the value of the lump (around £6,000 or so ) ,then this will be considered by the Official Receiver as acceptable for his interest in the pension. This request seems strange to me considering the time span since my clearance.I had forgotten this Target Life Executive Plan existed. This was from my employment with Trans Export Forwarding and are no longer trading.The DWP wrote to me some weeks ago asking me to Contact Abbey Life re this plan. Pse offer some advice. Kind regards, XXXXX XXXXX
Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Just to be clear when you were bankrupt you had the pension pot at the time please?
Thank you for your prompt response.
Happy to try and help
I stated in my initial information I that I didn't I had forgotten this plan was in existence so I must have had the plan at the time.
Yes I did see that but wanted to check you did actually have the plan at the time
Have they said why they have taken so long to contact you?
Was the value £6000 back in 1999 or is that a current value?
I had the plan at the time but I had forgotten about it until the DWP contacted me .They had been trying to contact me at my old address..
I see, do you know when they tried at your old address?
I then contacted ''Abbey Life '' Who sent me a retirement pack which I completed and returned.However the form asked me about Bankruptcy and when it occurred and witch I answered honestly , although I can't remember the question in depth.
That's the current value, as the fund is unit kinked, I assume it has grown over the years.
Plan commenced 01.04.1987. £50.00 p/mth Last payment 01.08.1987 total paid in £2050
Its bad news I am afraid, the OR will have a charge on it.
But it should only be the value at the time of their charge.
This is because it should only be the value of the plan as it was in 1999
This is because if you were made bankrupt in 1999 it should only be the value at the time you were bankrupt.
Thanks, XXXXX XXXXX I need to do next.
They may and try to argue that it should be the increased value, but I would object to that
Write and ask what the value would have been in 1999
You can send this valuation then to the OR and say that is about the figure you would be prepared to offer
Can I clarify anything for you about this today please?
Do I need to write Abbey for the value in 1999
Then send that to the OR
Does that clarify?
Therefore I will need it in writing to confirm the value in 1999?
If this answers your question might I invite you to rate my answer.
If the system wont let you, please inform me
If you need more help please click reply.
Any particular date in 1999 when the charge was applied.
The date you were made bankrupt.
That's, excellent many thanks for your assistance.
Great. Please remember to rate my answer before you leave. Thanks
Should the OR- ask how I arrived at the figure I will offer what will be my response .
You send a copy of the response from Abbey
Thanks, XXXXX XXXXX is excellent.
Thanks, XXXXX XXXXX could ask you to click on the rating/face for that
If the system doesn't let you, please inform me
It won't allow , nothing happens