pension

[Helhan]

Hi
My pension is taken out at source (teacher) My husband has a private pension. What happens to these?
Thanks

[flashingblade]

Hi

Again, we were told we had to freeze our pensions for the next 5 years. Im a nurse and my pension is an nhs one and i was told i had to freeze it, and also my husbands private one. We were told that the creditors would not let you put money away for your future if you owed them money.
Also, i was told i wasnt allowed just £10 a month for my sons trust fund, as that would be another £600 over 5 years for creditors.

What we think is reasonable certainly isnt to our creditors. And its daft as the government keep saying....save for your future!!

So what you pay into your pension should now be added to your spare income...what will go to your creditors.

Let me know if yours works out any different!

[Oliver]

It all depends on whether or not the creditors stipulate that your pensions must be frozen before they accept the IVA. Creditors will nearly always demand that this is done for private pensions and often for work related pensions too. The creditors can't access any of the monies in your pension fund (as is the same in bankruptcy) but obviously can ask you to suspend the payments. The best thing to do is to talk your case through with your IP and perhaps request that provision is made for you to keep paying your pensions. However, it is important for you to realise that you may be forced to suspend these.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[Skippy]

I was lucky, I was allowed to keep my private pension - it was never even mentioned.

Two down, fifty eight to go until freedom!

[Dominic]

no one mentioned my pension either.

[Dominic]

i have jsut checked the agrement nd it does not mention my pension anywhere in it.

[Dominic]

http://www.payplan.com/frequently-asked ... hp#Pension

What will happen to my pension?

Your state pension won't be affected by entering into an IVA, however your personal pension payments may be. Creditors may vote with a modification asking you to suspend payments to a personal pension for the duration of the IVA. You would then be expected to pay this monthly amount into the IVA.

Not all pensions allow a five year suspension of payments, so if such a modification is proposed, your Supervisor will request a copy of your Pension Terms to see if this applies to you.Â

If you are able to comply to such a modification and there is a very good reason for you to continue contributing into your pension, it may be possible for the Supervisor to negotiate with the creditors on your behalf to find a compromise.

[Dominic]

it would seem that any decision on pensions is subject to modifications suggested by creditors and as none of mine made any nor does it appear to be mentioned in the proposal I guess I dont't have to worrya bout it.

[neverending]

After reading the "small"print of my IVA agreement I found out that both mine and my wifes pension were EXCLUDED from the IVA agreement and that we were allowed to continue making payments.I am sure that this was different to that originally discussed with my IP.Guess we have been lucky and it seems to be down to the IP that you have.
ANOTHER area for clearer guidlines or legalslation.

[Dominic]

it does seem to be a grey area, nowhere in my proposal does it mention pension contrivbutions being frozen. It does seem to be down to the creditors to put this in as a modification.

[Oliver]

It is a grey area and until there is some form of regulation in the industry there will continue to be grey areas. It seems unfair that some people in IVA's are forced to stop their pension contributions when others aren't.

You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[Helhan]

neverending, can I ask which company your IVA is with?
Would you recommend them?
Thanks
Helhan

[neverending]

Hi
My IP is Tony Freeman and co and NO I would not recommend them.
Stick to companies on this site.
Regards

[batawi3]

Helhan,

My IP is a company called FA Simms & Partners, they were very efficient and friendly and had my IVA sorted out within 5 weeks. They do not charge upfront either, and nothing was mentioned about my pension as I am a teacher as well. You can find FA Simms and Partners online, so you can give them a call and see if you like them.

[iva experts]

Generally IPs will keep work pensions in the income and expenditure budget. It would then seem that it is somewhat of a lottery as to whether the Creditors then choose to demand that these pension payments are suspended and reapportioned into the IVA payment.


Hope this information is of use

Regards. IVA Experts