I am thinking of cashing my pension early.

[Robert.10]

I am thinking of cashing my pension early. The lump sum i will receive is 20k. Do i have to declare this to my iva company. Will my bank autoimatically alert the insolvency agency

[clairemichelle]

Hi robert
Yes you would need to declare this and it may be seen as a windfall You have to pay over. Im sure one of the experts will post but from my view its not worth the risk and having to look over yoyr shoulder worrying they will find out. Maybe if these funds will pay your outstanding iva in full you could look to offer a full and final settlement?
Cm

[Adam Davies]

Hi

Good advice above, it may be worth taking your pension on the understanding that it is used to clear your IVA, otherwise best to wait until your IVA is concluded before taking the lump sum element

Regards

[nickjohn]

Is a lump sum which currently resides in a pension but which can be released at any time after the IVA concludes not an asset in the same way a PPI reclaim is??

[Foggy]

It could be, Nick, but generally pension funds are specifically excluded from the arrangement --- but not always !!

[nickjohn]

I did think that pensions were excluded but I also thought you could not cash them in either..