Non UK bankruptcy - and UK pensions.
Discussion
Anyone have any ideas about the following:
Can any overseas jurisdiction grab hold of any money from a private pension in the UK? bearing in mind section 11 of the Welfare and Pension Reform Act 1999 thus:
11.(1)Where a bankruptcy order is made against a person on a petition presented after the coming into force of this section, any rights of his under an approved pension arrangement are excluded from his estate.
In fact does any overseas entity even have any authority to even ask questions?
Can any overseas jurisdiction grab hold of any money from a private pension in the UK? bearing in mind section 11 of the Welfare and Pension Reform Act 1999 thus:
11.(1)Where a bankruptcy order is made against a person on a petition presented after the coming into force of this section, any rights of his under an approved pension arrangement are excluded from his estate.
In fact does any overseas entity even have any authority to even ask questions?
I'm pretty sure the answer is no - that is, UK pension funds are ringfenced and not generally available to creditors. But I confess to not being certain - there could well be some quirk I'm not aware of.
In particular, if the person is aged over 55 (i.e. at an age where he or she could start drawing a pension) then creditors might well be able to claim the income from the pension (not sure if this applies to overseas creditors). See this article as an example: http://www.telegraph.co.uk/news/uknews/9186951/Cre... , although I'm not sure where this one ended up as I understand Mr Williamson was given leave to appeal.
In particular, if the person is aged over 55 (i.e. at an age where he or she could start drawing a pension) then creditors might well be able to claim the income from the pension (not sure if this applies to overseas creditors). See this article as an example: http://www.telegraph.co.uk/news/uknews/9186951/Cre... , although I'm not sure where this one ended up as I understand Mr Williamson was given leave to appeal.
Thanks Zigster. Found a link that tells me what I need to know.
If a person is over 55, AND the pension pot is significant, then it is possible a court will make an Income Payment Order for three years - but it is all discretionary.
In this present case the sums are small, so it can't be touched.
If a person is over 55, AND the pension pot is significant, then it is possible a court will make an Income Payment Order for three years - but it is all discretionary.
In this present case the sums are small, so it can't be touched.
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