Ch 61: Pensions (December 2012)


December 2012


61.1  Introduction – general

This chapter provides advice on dealing with pensions from two different perspectives: 

  • Where the official receiver is dealing with the affairs of a bankrupt who has an interest in a pension (see Parts 2 to 4).  These Parts cover the exclusion of pensions from a bankrupt’s estate (Parts 2 and 3)  and also provides guidance on what to do with a pension that vests (Part 4).  Guidance is also provided in relation to dealing with a pension held in another EU country (Part 3) 
  • Where the official receiver is dealing with the insolvency of an employer that operated a pension scheme for the benefit of its employees (Parts 5 and 6).


The chapter is divided into six Parts, as follows:

Part 1 – Pensions – general background (paragraphs 61.2 to 61.20)

Part 2 – Pensions excluded from the bankruptcy estate (paragraphs 61.21 to 61.32)

Part 3 – Unapproved pensions and the exclusion of unapproved pensions (paragraphs 61.33 to 61.48)

Part 4 – Realising a vesting pension (paragraphs 61.49 to 61.69)

Part 5 – Insolvent operating a pension – background (paragraphs 61.70 to 61.78)

Part 6 – Insolvent operating a pension – action to take (paragraphs 61.79 to 61.103)


The chapter contains the following annexes:

Annex A – Proforma letter to bankrupt enclosing qualifying agreement

Annex B – Draft qualifying agreement – EU pension

Annex C – Draft qualifying agreement – non-EU pension

Annex D – Proforma letter to pension provider enclosing qualifying agreement

Annex E – Summary of main pension scheme trustee duties

Annex F – Table to assist when dealing pension case made on petition on or after 29 May 2000

Annex G – Flowchart to assist when dealing with pension scheme operated by insolvent (a ‘company pension’)

Annex H – Details (address, etc.) of pension organisations


The following abbreviations are used in the chapter:

EU – European Union

PPF – Pension Protection Fund

PPP – Personal Pension Plan

RAC – Retirement Annuity Contract

SERPS – State Earnings Related Pension Scheme (now S2P)

SiPP – Self-invested Personal Pension

S2P – Second State Pension

RPS - Redundancy Payments Service


[On to Part 1 – Pensions – general background]