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Posted: Sat Sep 19, 2009 12:28 am
by atbav
Hi both my husband and I entered a iva earlier this year. I have recently had a letter from a private pension i started 10 years ago wanting to know if I wanted to start drawing it from feb next year when I reach 50. If i don't want it yet ( I do work full time) I won't be able to take it until I am 55 after my iva finishs. If I did decide to take it would it all be payable into my iva? I suspended payment on it earlier this year as I was told creditors wouldnt allow pension payments in my I and E. It is a very small pension if I did decide to take it.
Posted: Sat Sep 19, 2009 12:34 am
by Lisa2009
I would assume,if you were to take the pension as a whole it would be classed as a windfall and therefore payable to your IVA.
If not, it would (depending on ammount) be classed as extra income and would have to be taken into account to see if your IVA contributions need to be increased.
Is there anything in your proposal with regards to this?
Posted: Sat Sep 19, 2009 5:06 am
by Debtwitch
If the lump sum and monthly income were received during the term of the Arrangement, they would be taken fully into account. You've stated that it would only become available after the IVA has finished so you should be fine.
Posted: Sat Sep 19, 2009 10:05 am
by kallis3
I would definitely defer it until after your IVA has finished.
Posted: Sat Sep 19, 2009 2:59 pm
by MelanieGiles
The pension will hopefully be worth quite a bit more if you keep the funds intact over the next five years.