I have just had my IVA accepted, but a requirement is I only make minimum contributions into my teacher's pension.
I am a senior member of staff aged 42, have been teaching for approximately 17 years.
I am worried about having to reduce my contributions but have no choice.
There MUST be other teachers on an IVA. Can anyone that is a teacher who has had to make changes to their pension please let me know their story? I'd be so grateful.
I've been in debt ALL MY LIFE!!! I am not a terrible person. My debts started with student loans and I never recovered......
Hi, you won't have to reduce your contributions. The clause you are referring to covers additional voluntary contributions in addition to your statutory pension contributions. Increases made by HMG are not affected by this clause.
There are many people paying NHS, teachers, Police and Fire public sector pensions whilst in an IVA. Hope this helps.
Last edited by winter_blues on Thu Oct 30, 2014 3:48 pm, edited 1 time in total.
Absolutely. Your pension payments are fine unless you have been paying extra. If this is the case you must reduce to the minimum to remain within the scheme.
If you are currently paying an enhanced pension contribution do some research to establish if you would be able to continue on the same terms after your IVA.
I am a civil servant and when I entered my IVA was told I would have to stop paying into a premium scheme and revert to a basic scheme. I argued that the premium scheme was closed to new entrants and as such it would disadvantage me for the rest of my career if I was forced to leave the scheme as I would be unable to rejoin it again - my IP/creditors accepted my argument and allowed me to continue paying into the premium scheme.
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur."
Thank you SO much for taking the time to reply to me everyone. I have only ever paid contributions automatically as far as I am aware. Pension was deducted automatically when I became a teacher and I have never done anything to change it. Therefore it sounds like I will be ok which is a relief to me. Thanks again and all the best to everyone on here.
