Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
3
Users
0
Reactions
1,133
Views
Topic starter
06/06/2019 11:34 am
I signed a trust deed in 2012 and am now discharged as is my Trustee.
I recently applied to withdraw money from a pension I have in order to help my son get on the property ladder. One of the points the forms from the pension company raised was that if I took money then any creditors I have may be entitled to some or all of the funds.
I replied that I had no creditors, am I right in this? As the Trust Deed is finished and I have been discharged along with my Trustee does that mean I am now not owed any money to anyone, or can creditors who were included in the Trust Deed still be entitled to some of the funds?
Lesley Wilson
06/06/2019 11:40 am
You're correct, Lesley. If you are discharged then the funds are yours and yours alone.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
06/06/2019 12:16 pm
Thank you for replying so promptly and putting my mind at rest.
Lesley Wilson
06/06/2019 12:45 pm
That’s a really nice thing to do Lesley for your son. It’s hard for the younger generation to try and get onto the property ladder with the price of properties and deposits required.
I suppose I’ll have all this to come in the future with my kids too.
Might be a good idea to speak with an financial advisor about taking money from the pension and also looking to help your son with the money.
As Kevin said the funds are yours.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
06/06/2019 12:51 pm
I have looked into the future implications. This is a very small pension pot that I stopped paying into when I went into the Trust deed seven years ago. There is a very small fund available and I felt it could be put to better use to help him out. I now have another pension fund through my work that I am paying into, and a another private pension that I had before the Trust Deed that I am in the middle of transferring to my work pension - and helping my son out now means he'll be guilted into looking for a better care home for me in the future :)There's method in my madness.
Lesley Wilson
06/06/2019 1:30 pm
Sounds like you are on top of everything and planning for the future and a comfortable care home retirement… Ha!
David is not currently posting in the Trust-Deed.co.uk forum
