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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 purposes of a PIA. The terms of the PIA may provide for payment of some or all of that pension/lump sum or income to creditors during the PIA period.

Pension Fund - Your pension fund will be excluded from any PIA 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 PIA. 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 the application for a Protective Certificate, an application can be made to Court to recover these contributions for distribution to creditors.