Receiver snaffled my pension

[aronjastrow]

Out of the blue I was notified by a pension company that I had a pension!

From where, who knows?

If I was to cash it in, I could get 6k.

After numerous hoops, pitfalls and aggro I was asked ‘cheque or BACS’. I said cheque.

Soon thereafter I was told by them that, because I was made bankrupt in 1997, they were going to give the lot to the Receiver.

Firstly, they knew this at the outset - so why bother me in the first place?

Note: Any payments made to this mystery pension would have been before 1997 - I'm guessing between 1981 & 82

The pension firm say they're dealing with the receiver - [ie don't bother us]

The receiver's office says they're dealing with the pension firm - [ie don't bother us]

Finally, my accountant says the pension firm have breached GDPR by contacting the receiver [who was unaware of the pension]

Any help advice on what to do next would be appreciated.

 

[Lisa Thomas]

What advice do you need?

The pension will be an asset of your Bankruptcy so the Official Receiver will reopen the case to deal with the funds.

I doubt there has been a GDPR breach as the O.R/TIB will have an interest in the policy.

 

[Simon Green]

Any luck with the “sniffled” pension?
Out of the blue notices? Move on and move on quickly, out of the blue aren’t worth pondering over!

 

[Mr D]

Any luck with the “sniffled” pension?
Out of the blue notices? Move on and move on quickly, out of the blue aren’t worth pondering over!

Out of the blue are a pretty good brand.

 

[Nigel823]

Seems strange to me that they have/are allowed to transfer the pension balance to the trustee.

Were you were officially discharged 1998 with no caveats attached?

My understanding is that 'pension funds' are outside of assets which can be confiscated.

Notwithstanding the above you seem to believe these would have accrued post b/order.

I would take independent advice and write to the pension company and point out the error and request that they issue the transfer to your personal bank account.

Job done...but we all know it won't be that simple at all...

Perhaps the route to take would be to report them to the Financial Ombudsman.

Either way, good luck.

 

[Lisa Thomas]

Pensions only became protected in May 2010.

 

[Nigel823]

Thanks for clarification Lisa, however surely if the pension was post BO its outside the scope of the trustees legal power and is the policyholders fund.

 

[Lisa Thomas]

OP says his pension was taken out in 1991/92 and he was Bankrupted in 1997 so this would appear to be a pre BO pension.

 

[Nigel823]

OP says his pension was taken out in 1991/92 and he was Bankrupted in 1997 so this would appear to be a pre BO pension.

mmm...yes thats unfortunate for the OP as it would fall into his BO, the question should be, why didn't the trustee discover this?

And why did the pension company bother him at all if they were aware of his BO, just to wind him up?

 

[aronjastrow]

It's been some time, but:

I contacted the Official Receiver and made him aware there was pension funds available for recovery.

The Pension Company had been "unable to contact the receiver" so I contacted them via a web page specifically for contacting them! That took me about one minute to find

Numerous obstacles were put in place by the Pension Company, all of which I dealt with. The Pension Company said: "Why are you bothering? You'll never get the money" to which I replied; "I'd rather they get it than you keep it which seems to be your intention"

I had correspondence from the Receiver because they couldn't get the money either but I dealt with everything to assist them.

Eventually the receiver got the money and I thought that was the end of it.

Some time later, the receiver contacted me to say the case was closed and, minus a portion, the balance was given to me!

This has taken a lot of time but I would recommend anyone in my position does what I do because you may actually get some of the money

A pitfall I avoided was to originally ask for a lump sum, if I had said a monthly payment the case would never have been closed

 

[Lisa Thomas]

Great news, well done - your hard work paid off.