Pension Question.

[Angleparkinn]

What happends to my works pension?
Do I have to stop paying into it and give the contributions to the IVA?
Has anybody been allowed to keep paying into theirs as I think if I stop paying for 5 years then my employer won`t let me re-join.

[Endsmeet]

When I submitted my IVA proposal it did include my works pension and the only modification that the creditors asked for was if I had the option (which I didn't) of suspending my payments into the pension scheme for 5yrs and then paying the money into my IVA arrangement, as I didn't have this option they then said that I could carry on with my pension BUT had to pay the same amount into my IVA arrangement.
I also had to prove to them that I didn't have the option of suspending payments for 5yrs.

The good news for me was that I could carry on with my company pension which I didn't want to lose after 24yrs BUT the bad news that my IVA payments increased by #163;85 a month.

But I really do think that it all depends on the 'day' of your creditors meeting but make sure that your I.P. has included it into your Income and Expenditure proposal and the rest unfortunately is in the hands of the creditors.

[MelanieGiles]

It is unlikely that you will be asked to stop paying into an occupational pension whilst subject to an IVA.

[TheMatrix]

Final Salary schemes should be ok, they were ok with me keeping mine.

Good in a way because you cannot stop and start it, the final salary scheme is no longer available to new employees at our place as well and so feel very lucky to be able to keep it.

[Endsmeet]

Don't forget that you don't have to accept any mods but that may only prelong your application for an IVA
Accepting the increased IVA payments was the best option for me as it meant keeping my pension but it may not be suitable for everyone.

Gonna be interesting as well as next yr I will have been there for 25yrs and my pension payments drop down by 60 pounds so we'll see if my IVA payments drop down by the same amount, they should do as I will be paying the same amount into my IVA and thats all they asked for.

[kallis3]

I'm still paying into my final salary pension scheme. There was no quibble at all.

[worryhead]

Hi
With my IVA they asked if i had a company pension which i did, but as long as i was only paying the minimum percentage for my age i could keep it [:)] but thats only because they asked.

[indebtforever]

i think pensions should be exempt time mr brown stepped up to the plate to sort it!!!!

[kallis3]

The next time he does that will be the first!

[indebtforever]

well he is the one that keeps harping on about us not paying enough into them and he brought the act out for IVA`s so get it sorted mr brown!!!!!or was it thatchers lot sorry mr brown[:I]

[Beans on Toast]

We too were questioned about our pension schemes, in the end, as long as we weren't paying any additional contributions and it wasn't above a certain percentage of our wages, we were allowed to keep them, Melanie answered this one for us and we were straight on the phone to our IP office, they should be fighting for you to keep it.
Mine is a final salary scheme, and although I could have stopped contributing, it was only for three years and I was not guaranteed to be allowed back in, this would have been devastating for me and my family.

[greeneyes34]

I wasn't asked to stop paying into my works pension which I'm really pleased about as I haven't really done anything towards a pension over the last few years.

[animaleyes76]

be nice to even be able to afford to put any money into one.

At age 31 (which i am) im supposed to be saving £320 pm into a pension..

Hahahahah, and they wonder why half the country's pensioners are skint with the cost of living most people cant afford to save...

Thank god for the final salary scheme i was in a few years ago...

[Angleparkinn]

To be honest if it didn`t come straight out of my wage I`d probably be busy spending it right now.
Anyhow managed to get a reply off my works by e-mail saying that I`m only paying the minimum amount and that I`m not allowed to stop payments,so thats been sent off to my IP,one less thing to worry about.

[Jan01]

I have been allowed to pay my company pension plus I pay extra into my pension each month which has been allowed. I did think about canceling the extra payment but the money would only go into my IVA and I am paying 80p in the pound plus I have paid in excess of £3500+ more than was expected so far in my IVA.

JAn