Welcome to the trust deed forum barney1959.

Discharge from a trust deed should follow the completion of all of your responsibilities to it.

That means your discharge should follow the payment of the usual term plus the ten extra payments to cover the equity in your car.

ok tda , thanks for your quick reply. the reason i ask is that i retire hopefully in june 2014, if my discharge date is delayed for any reason could my trustee then ask for some of my pension funds.

Was the pension thing discussed prior to you signing the TD?

Paul

no it wasn't, i never thought about it at the time, due to my finicial state at the time four years was a long time away.

Hi barney1959.

When you reach retirement will you receive a lump sum or are we talking about a regular pension payment only?

Are you in charge of the timing of your retirement, or is it fixed?

I should say that pensions are generally not an issue when it comes to trust deeds, but some thought might be needed if there is a lump sum involved prior to your discharge from the trust deed.

yes there is a lump sum involved, how much i,m not sure of as its public sector so i don't know how the govt. changes will affect it, and yes i think i have to retire in june 2014 due to my age and pension scheme i'm in.

Hi barney1959.

I think this is probably going to be a non-issue as it shouldn't take three months to discharge you once you make the final payment in March 2014.

If someone could advance some kind of lump sum you might be able to bring that final payment back a few months and create an even bigger space?

I'm hoping that Shona, Kevin or Mark could tell us about the retirement lump sum side of things (if you weren't discharged at the time you received it but had completed your responsibilities to the trust deed some months before). I don't think it should be an issue but will defer to their knowledge and experience on this...

Is the car still worth the same amount? It may be worth asking for it to be revalued,to a lower amount to give you more breathing space between discharge and pension lump sum arriving.

I would have thought that a pension lump sum arriving prior to discharge from a PTD may count as a windfall.

Paul

Hi all

Technically it could be classed as acquirenda (assets obtained after the Trust Deed starts and before it is discharged)

That said, I think it would be extremely unlikely/unlucky for this to happen. Paying off the car earlier and seeking an earlier discharge may be the way round this.

Mark

thanks for your help and comments. i contacted my pensions office today and it seems that the rules have changed recently where as before you had to retire at 55 or on 30 years service, whichever one came first, myself it was aged 55, i can now go on and work till the end of september 2014 and complete my 30 years and so ,hopefully, giving me plenty of time to obtain discharge from my TD. thanks again.