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.
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.
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.