www.iva.co.uk

I took out a personal wealth plan pension 1992, the idea was to keep it until my 55 birthday, and witch is not for another 8 years, I have stopped paying into it now. Would I be able to transfer this over as part of the agreement?

Hi Steve and welcome to the forum.

I've no idea about this.

Hopefully one of the experts will be along shortly to advise. Just bumping it back up.

In bankrupcy pensions can be claimed as an asset but the beauty if an iva is that they are excluded unless you begin to draw either an income or lump sum whilst in an iva. People can of course take their pension early and seek to offer the lump sum as a full and final settlement however you can't do this until you reach the personal pension retirement age which is currently 50 but rising to 55 from April this year. In your case you will not be able use your pension which I think is a good thing because when your iva is finished this will form a part of your post iva life and future!

The only time a pension can be affected in a bankruptcy Paul, is if there is a lump sum draw down. If the pension is left untouched, then the fund cannot be grabbed by creditors.

Sorry melanie I didn't explain that point very well in my earlier post.

I have a final salary pension - as long as I don't retire before the end of my IVA, then it cannot be touched, and I am still allowed to keep on making contributions to it.