My IVA documents states that any pension policys are excluded from the IVA does this mean I am able to cash one of my policys in?
Would I be required to inform the IVA company? and would my bank automatically alert them in relation to a lump sum being paid into my account? Any help you can provide will be most appreciated Thanks
Your bank is your private personal account to which is safe from unauthorised disclosure however, your IVA/IP(Insolvency Practitioner) will/can ask for copies of your bank statements and so this money would be traceable and so should be disclosed to your IP under the IVA.
However, you should seek advice from an Independent Financial Adviser about such matters as most Pensions cannot be 'cashed-in' until you have reached the retirement age from memory. Only Life Insurance (with-profits i.e. Endowment Policies sold with mortgages), shares etc. can be cashed in...
If your pension is specifically excluded (is that the contributions to your pension or the pension pot itself?) then I would imagine if you cashed it in it would be yours to keep, however, you ought to ask this question of your IP directly, on top of that its never wise to cash in a pension early without sound financial advice as this is your future funds we are talking about here, on top of that unless you are at an age where you can draw on your pension you may not be able to cash it in early.
