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Lesley Wilson
Regular Contributor

19 Posts

Posted - 06 June 2019 :  11:34:30  Show Profile  Reply with Quote
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

Kevin Mapstone
Trust Deed Expert



3767 Posts

Posted - 06 June 2019 :  11:40:43  Show Profile  Reply with Quote
You're correct, Lesley. If you are discharged then the funds are yours and yours alone.

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Lesley Wilson
Regular Contributor

19 Posts

Posted - 06 June 2019 :  12:16:26  Show Profile  Reply with Quote
Thank you for replying so promptly and putting my mind at rest.
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David Tannock
Trust Deed Expert



2197 Posts

Posted - 06 June 2019 :  12:45:35  Show Profile  Reply with Quote
Thatís a really nice thing to do Lesley for your son. Itís hard for the younger generation to try and get onto the property ladder with the price of properties and deposits required.

I suppose Iíll 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.

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Lesley Wilson
Regular Contributor

19 Posts

Posted - 06 June 2019 :  12:51:02  Show Profile  Reply with Quote
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.
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David Tannock
Trust Deed Expert



2197 Posts

Posted - 06 June 2019 :  13:30:24  Show Profile  Reply with Quote
Sounds like you are on top of everything and planning for the future and a comfortable care home retirementÖ Ha!

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