From the Bankruptcy Act 1988:
"Where a bankrupt has ... a relevant pension arrangement which would, if the bankrupt performed an act or exercised an option, cause that debtor to receive ... an income ... that bankrupt shall be considered as being in receipt of such income, and such amount of money shall vest in the Official Assignee or the trustee in bankruptcy.
Subsection (2) applies where the bankrupt ...will become entitled within 5 years of the date of the adjudication to perform the act or exercise the option referred to in subsection (2)."
I am a public servant.
Can somebody please explain what is meant by "performed an act" or "exercised an option" as used above.
For instance, if I "exercised an option" to retire at 55, I would be entitled to a lump sum and pension.
Would this"option" to retire be one of the "options" referred to in the above legislation?
Even if I choose not to retire, the fact that I could have means I am caught by the legislation???
"Where a bankrupt has ... a relevant pension arrangement which would, if the bankrupt performed an act or exercised an option, cause that debtor to receive ... an income ... that bankrupt shall be considered as being in receipt of such income, and such amount of money shall vest in the Official Assignee or the trustee in bankruptcy.
Subsection (2) applies where the bankrupt ...will become entitled within 5 years of the date of the adjudication to perform the act or exercise the option referred to in subsection (2)."
I am a public servant.
Can somebody please explain what is meant by "performed an act" or "exercised an option" as used above.
For instance, if I "exercised an option" to retire at 55, I would be entitled to a lump sum and pension.
Would this"option" to retire be one of the "options" referred to in the above legislation?
Even if I choose not to retire, the fact that I could have means I am caught by the legislation???
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