What happens to your pension?
Pension Income Ongoing pension income receivable by you, or an entitlement to a pension lump sum or income in accordance with the tax code, will be treated as an asset or, as applicable, income for the purpose of a DSA. The terms of the DSA may provide for payment of some or all of that pension lump sum or income to creditors during the DSA period.
Pension Fund Your pension fund will be excluded from any DSA arrangement if it is a "relevant pension arrangement" for the purposes of the Act. Approved Retirement Funds do not fall into this category and may be included in a DSA. There will be an onus on you to be transparent in relation to all historical pension contributions and the PIP will review these. Where the PIP or a creditor considers that you have made excessive pension contributions within 3 years prior to application for a Protective Certificate, an application can be made to the Court to recover these contributions for distribution to creditors.