Hi what happens if im in an iva and the court orders me a share of my exs pension fund? is this considered a windfall as presumably i cant cash in.
Thankyou in advance
If the proceeds of your share aren't available to you now there should be no impact on the IVA. However, with pension rules changing that might not be the case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
This would depend on the type of pension and when you had access to the funds. If you did have access and took a lump sum for example - that would be considered as a windfall and would have to be paid into the IVA. You may be able to take a lump sum and offer as a F&F but you would need to be very careful that if the F&F was rejected that it didn't get paid into the IVA Pot, or that the rest of the Pension Fund became available to the Creditors. As the pension rules have just changed, it is unlikely that there are any hard and fast rules just yet, so if you are awarded a share then perhaps some legal advise may be prudent.
You should notify your IP when you become aware of any potential windfall. This will keep you compliant with the IVA and if the IP needs legal advice they can proceed and do this. It would likely depend on when the funds become available so keep yourself right and let your IP know.
