Workers may have to repay banks out of funds from their pension

Read more here

Pensions could be on the line for defaulting debtors. During the 80′s and 90′s, pension companies ridgidly maintained that pensions were beyong the reach of ones creditors  and were the only bundle-in-the-jungle  that couldn’t be got at by creditors. How wrong they were, it was salesmans talk and talk was cheap. Pension funds are now on the line and if ones pension was taken out with the bank your a sitting duck. Many people bought property as their pension fund, gearing up to gamble and we all know what happened. Others used Self Administered Schemes to complicate issues. Between set-up costs, management charges and dismantling costs there mightn’t be much left after  the professional advisors and exit taxes skin the cat. The older generation always said  ‘keep it simple’. If only people had listened. The Irish don’t like to call themselves gamblers, instead  they invest on  horses, dogs, football matches, property syndicates, pension funds and lotto among others. Now the banks are after the property and pension funds. Pity they didn’t stick to the horses and dogs and the hope value in the lotto ticket. Anyone with undervalued property, a stuffed pension fund and a bucket-load of loans urgently needs good practical professional advise.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

HTML tags are not allowed.


John O'Connell & Co., Chartered Accountants, Corporate Recovery & Insolvency Practitioners, Independent Financial Centre
33 Bank Place, Mallow, Co. Cork, Ireland :: Phone +353 (0)22-21132