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Scottish Trust Deed Forum
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Topic starter
06/06/2020 8:19 am
Hi all, I got discharged in January 2020, this was fantastic and really the time just flew passed. Thanks to all who help in the early stages.
On another note, I've been watching the records of insolvencies online. The other day I noticed that the trustee discharge date had been entered as the 20/05/2020. So is that me fully discharged now. The reason I ask as I turned 55 last year and have a pension scheme I would like to draw funds from to do essential repairs to the roof of my house. I've held back till I saw this date entered as, I've read of so many people having there Trust Deeds re-opened and any funds taken.
Can anybody confirm my if I'll be okay to draw down the money from my pension now as like I've mentioned the Trustee discharge date is entered now on my online record of insolvency.
Thanks in advance for any help.
06/06/2020 4:48 pm
Hi Iain51.
My understanding is that you could have drawn this pension lump sum without problems after you were discharged, though for reasons of caution people might want to confirm that with their trustee before actually doing it.
I don't think we've heard much at all about trust deeds being reopened to gather in lump sums, other than in a limited number of cases for PPI (which was later brought to a halt as a result of a court case outcome).
So I wouldn't expect that there would be any issue with you taking this pension lump sum now. However, it's your money so you might want to double check with your former trustee so that you feel confident and reassured before actually going ahead.
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08/06/2020 8:47 am
Yes, once the Trustee has been discharged, it brings the deed to an end for both you and the trustee.
Yes TDA, I agree - the only time I have heard to trust deeds being reopening was in respect of PPI.
I also do not believe there to be an issue with drawing down your pension.
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