www.iva.co.uk

Can you tell me what is ment by a pension approved by the Inland Revenue.
I have pensions from Gov run establishments. Soon to receive a state pension.

Hey jandd, I think most of them are. I'll bump this back up for one of the BR experts.

My company pension is approved by HMRC, which means I pay less in NI contributions as I am not relying on the State secondary pension, but arranging my own.

Hi an Inland Revenue or HMRC approved pension is basically one that is approved by the Revenue for tax relief on the contributions made. The scheme has to follow strict guidlines such as the % of a person's earned income that can be paid into the pension on an annual basis, and the amount that can be drawn as a tax free lump sum upon the individual retiring.

Most occupational and pesonal pension schemes are approved by the Revenue and it is only a few self administered pension schemes that may not have had approval.

When I receive my state pension will I have to put some or all into my IVA

You will probably have to do a new I&E as you will be receiving a state pension as well as an occupational pension. It may make a difference to your contributions.

Jan is right, your state pension payments are basically an additional source of income and you will have to increase the payments to your IVA accordingly

I take it that will mean 50% of my state pension.

Not necessarily. Depends on how much your I&E has changed.

You need to speak to your IP to see what they say about it.

Sorry for keep plugging away but my IVA conditions state

Where net income has increased the Debtor shall increase contributions by 50% of the net surplus ( after taking into account cost of living ) commencing in the month following the review.
This would indicate to me that 50% of the state pension would be put into the IVA or is this not the way that the condition should be understood.

You are probably right, but if your cost of living has changed, then that will be taken into account.

You need to speak to your IP to clarify what is to happen to your pension.

Hi Jandd. It is not unusual for people to defer their state pension. This increases the benefits as and when that person does opt to start receiving it.

Theres a thought