Pensions are largely protected when a client enters a bankruptcy process assuming you don’t have access now or will have access to you pension in the next 5 years. There are however still significant risks that clients should be aware of. Clients often believe they don’t have access to their pension but have found out too late that in fact their pension was fully accessible and as such was lost when they went bankrupt.
Clients who have pension assets that are realisable in the years to come have lost all of their monies when they felt there was no risk at all.
For example clients can have their pensions invested in a buyout bond which can give access to retirement assets from 50 can be at risk when they feel there pension isn’t realisable until they are 60. Some occupational pension schemes allow for early retirement too.
It is crucial to plan for bankruptcy and your pension assets can play a huge part in the planning process
Please just get in touch and we will be happy to assess your situation for you.