Declaring bankruptcy could affect your pension savings in a variety of ways, depending on how you saved, how much you have and when you last put money away. Experts at PensionBee have broken down the details, as meeting some simple criteria could actually mean your retirement fund is off limits to authorities.
When you declare bankruptcy, meaning creditors can’t pursue you directly for a debt you can’t afford to pay back, your entire financial situation is evaluated by the Trustee in Bankruptcy (TIB). It decides which of your assets, such as cars, property or savings, could be used to pay off your debts.
Pensions are usually protected from the TIB – especially if it has a forfeiture clause which automatically applies to workplace…
