Pension claim while on IVA

[jc4]

Hi, my husband and I are both on IVAs. He is over 50 and there is a possibility he could claim some money from an old pension Would he be expected to hand this over, if he would be then he will obciously not claim it.

Another thing, I keep reading on here about being allowed 10% of additional income before they calculate their 50% but when I queried this with our IVA provider, they said each case was different. Is this correct or is this 10% a legal requirement which applies to all IVAs no mater which company is dealing with it? Someone from our company is coming to see us this week and I need some facts beforehand so any help will be really appreciated.

[Viki.W]

Hey jc4, I'm sure an expert will be along shortly to help you, hang in there, Viki X

[Lisa2009]

This would all depend on the wording in your proposal.

Dig it out and have a read to see if there is anything specific in there regarding overtime/extra income

[MelanieGiles]

You will need to check with your husband's IP as to the treatment of the pension money. Most pension schemes lie outsie of voluntary arrangement proceedings, but there is some argument that if you draw down cash from a scheme then the money is no longer in a pension fund but is free cash which then could be captured by the windfall clause.

With regard to overtime uplifts - your own proposal will dictate what the requirement is for you, as the 10% benchmark has only recently been introduced, and only relates to proposals where it is specifically provided within.

[jc4]

Thanks Melanie, there is no mention of Pension in my husband's IVA papers so he might now consider whether or not to draw from it.

[Adam Davies]

Hi
I would advise leaving it until his IVA is concluded
Regards

[MelanieGiles]

I concur!