CHAPTER 61
December 2012
PENSIONS
61.1 Introduction – general
This chapter provides advice on dealing with pensions from two different perspectives:
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]