Would a tax free pension sum be classed as a windfall ?

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Michael.97

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Post by Michael.97 » Wed Feb 25, 2015 12:25 am
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iam an OAP and in my second year of my I.V.A and have a private pension which i can receive now as a tax free sum with annuity or without the tax free sum as a slightly larger annuity.Would the tax free sum be classed as a windfall?
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Foggy

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Post by Foggy » Wed Feb 25, 2015 7:59 am
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Check your paperwork as this might (should) have been addressed in the proposal. If not excluded then, yes, the lump sum will be drawn into the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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lifenoteasy

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Post by lifenoteasy » Wed Feb 25, 2015 8:32 am
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It probably would be - it might be possible to see if the lump sum could count as a F&F but you would need to check with your IP first.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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Adam Davies

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Post by Adam Davies » Wed Feb 25, 2015 8:59 am
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Hi

It will depend on the wording of your IVA, you need to find out if your lump sum pension was excluded. The income element will form part of your income for income and expenditure when reviewing your IVA

Regards
Andam Davies
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