Pensions

If the client receives a pension and it falls into the ‘approved’ category, it may be classed as income and a contribution may be sought by the trustee. The pension itself does not vest in the trustee.

However, some ‘unapproved’ pensions can vest in the trustee. This is a complicated matter. It is covered by the Occupational and Personal Pension Schemes (Bankruptcy) Regulations 2002. Get advice from the AiB if this comes up.