Is my pension safe

paddyjnr

Registered User
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I recently was advised to move my pension into a retirement bond as I am going through a PIA at the moment, I am wondering is it safe or can it be taken?
Thanks in advance
 
It is probably safe during your PIA. With a PIA things tend to get agreed at the start so if there was going to be a problem you should know at the beginning.
 
We have decided on Bankruptcy as and from meeting today but he is anxious to get it all over with before my 50th birthday, 0ne year and 2months away
 
paddy

Be very careful, the OA will likely still go after your pension

The Personal Insolvency Act 2012 states on pension

http://www.irishstatutebook.ie/eli/2012/act/44/section/150/enacted/en/html

here is the nasty bit, where they have a 5 year window from date of adjudication to act

(c) will become entitled within 5 years of the date of the adjudication to perform the act or exercise the option referred to in subsection

However, I understand, despite above, the OA has had very little success in taking pensions.
Also, case law in UK has had a few major reversals in last year for OA equivalent (Trustee in Bankruptcy)

But thread carefully, if your current pension for instance hadn't a provision for cash out at age 50, you'd be safe, and the PRB you put it into did, then you would be almost certainly handing them your entire pension.

PM me if you like
 
A pension is safe during a PIA. However, a PIP has to do prepare a comparison showing what the outcome would be for creditors in a bankruptcy versus a PIA. if the bankruptcy outcome is better than a PIA, then the PIA may be rejected by the creditors.

As certain types of pensions can be accessed in a bankruptcy, then a bankruptcy comparison might be better etc.

One reason to go bankrupt would be to protect a future pension pot.

Jim stafford
 
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