My husband and I are in an IVA my husband wants to cash in his pension early (he is 48) and transfer the money to our oldest son's account (he is 20). I think that the IVA company is entitled to claim it but my husband thinks not. We started the IVA in feb 2011, they have just informed us they are adding an extra 12 months.
Unless he has a variation approved in advance this will be in breach of his terms - he is effectively giving away an asset to his son for no consideration.
Out of interest may I ask why he proposing to give his pension away like this?
Your husband could offer a F&F form the pension proceeds to settle the remaining 12 months instead.