Monday February 17, 2020

Personal Insolvency - A risk to savings in Pensions

In certain circumstances, insolvent persons may have to pay part of their pension tax-free lump sums or pension income to creditors, writes Michael Keenan

13th July, 2013

The Personal Insolvency Act 2012 seeks to provide a solution for persons who are insolvent, ie those who are unable to pay their debts as they fall due. A typical solution will involve making regular payments to creditors, making a lump sum payment, usually from the sale of assets, or making a mixture of a lump sum and regular payments.

In the past, money held in pension funds was generally not within the reach of creditors,...

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