Mine was allowed - it is deducted at source, and as I am fairly close to retiring (I can go in 5 years if I want), then I don't want to stop paying and reduce the amount I will get.
Sharing from experiences of dealing with debt
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The latest on my pension situation is that i have had an email confirmation from my work pension scheme that i'm not able to freeze payments i would have to opt out then re apply and it doesnt mean in 3 yrs time i will be accepted again. Now DFD have asked me to reduce the percentage i pay which is 5% of my pensionable salary. I have written and i'm waiting on a reply back from company pension people. I then have to get writtten confirmation for both not being able to freeze and percentage reduction to send back to DFD. As far as i'm aware this is a standard request by DFD and not by my creditors! I really dont want to opt out of my pension scheme having paid in for 10yrs now.
I think you need to get your IP to set out in writing, with reference to both the IVA proposal and the chairman's report, where it stipulates that your pension is affected? This should have been clearly explained to you at the outset of the IVA, not halfway through.
Pensions will be allowable but it depends on the type of same and the debtor's age. The younger the debtor is the lower will be the deuction (if any) will be allowable. The older then possibly a higher contribution will be acceptable.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I rarely see modifications relating to pensions in my proposals these days. We disclose the debtor's income net of pension contributions, and highlight personal pension payments separately - which are not generally liked by creditors.
