www.iva.co.uk

what if you have not had your works pension mentioned at all in your iva proposal etc can they suddenly turn round and ask for the money that doesnt sound right ive read some terrible cases

what is the position any expert advice does it dpeend on your conract

If you have a company pension, which is deducted from your salary at source, these are generally allowable so long as the deductions are reasonable.

Mine is deducted at source and is allowed.

Hi Melanie,

In your opinion what deductions do you think is reasonable for a company pension. Mine is standard pension with my company. I make a small percentage out my salary with the company paying the rest. I certainly have never increased or tried to pay any extra into it.

Sue

I think that the norm is 6%, but it will depend upon your own firm's particular pension policy.

I was paying the maximum into my company pension pre IVA but come April I have to reduce it to the basic level[:(] mind you what happens then? do I pay half of the extra income into the IVA or do I wait until the Review? or do I pay it all in!

Started by answering a question & came up with 3 of my own[:)]

I was allowed to keep my pension payments (deducted at source) both in my IVA and when I went BR.

Hi I was allowed to keep my pension contribution going. It only represents 2.5% of my salary and is deducted at source but my employer pays twice that again for me. I am happy to see that creditors are not trying to squeeze every penny out of us all by asking us to stop paying into our pension fund during insolvency.

many thanks everyone this is reassuring

Some people however have a Personal Pension that is an itemised as an expenditure in an IVA and those are the ones creditors want to take away and require you to pay it out of your IVA savings.

All pensions 'allowances' should be allowed as missing 5 yrs can make a difference to your annuity rate by maybe £100 a month???

I think pensions should be allowed if reasonable and would depend on an individuals personal circumstances. Personally, I would not allow large sums of money to be paid into a private pension plan by a self employed brickie in their twenties but would have no problem with someone in their forties or fifties contributing to either an occupational or private pension.

Irrespective of age, I would never tell someone to cancel a pension but if they are able to reduce the payments during the term of the IVA it does improve the offer to creditors and depending on age the full benefits payable can be realised by addititional voluntary contributions being made after the IVA has been completed.

At my creditors meeting, Egg wanted a modification which was that I stopped paying my pension, and put that money in to the IVA.

i Looked in to it, i was already paying the minimum, and i could not freeze it and then re-start in 5 years time, so our HR department wrote a letter to my IP, and my IP told egg that the modification could not be accepted, but the IVA went ahead any way

what does sticky mean?

A sticky subject is one that always stays at the top no matter who else posts on other threads.

I still pay into my pension which I am happy with as my husband doesn't have one! eek!