www.iva.co.uk

Hello All, I have a query regarding a modification which TIX and GT have included in their modifications to my IVA proposal;


I work in the public sector and they have said " Documentary evidence of the Debtor's pension policy and its terms must be evidenced by the Supervisor. Where the debtor is below the age of 55 years at the time of the arrangement the minimum mandatory pension contribution only shall be allowed.

My I.P says that they will have to look at this before my first annual review of I & E .


Is this something the experts are aware of and anything to worry about.?

Basically, I understand it to mean that if the government pension review insists I pay % increase in contributions then I will have to increase my IVA payment as they will not allow anything over mandatory payments?.

I pay a set % each month and have done for nearly 20 years -don't top up or have any private pension,

We had to reduce our contributions to a personal pension. We had to send our IP letters to prove we had done as asked.

I was under 55 when I took out my IVA. I am public sector and pay 6.8% and was never asked to prove anything, or reduce my payments.

I'm also public sector, had to send my IP a pension statement when my IVA was agreed and can't pay more than the mandatory into my pension plan. I'm assuming that if we have to increase our contributions according to government plans then this still counts as the mandatory minimum amount and therefore nothing to worry about?

Yeah, I think you may be right and nothing to worry about. Many thanks.

My pension scheme allows a non-contributory stream. Crap for me as I can't pay anything in, great for my creditors. The modification they asked for is normal...just helps to improve the return for creditors. Can't really argue with that.

I too work for Local Government. I pay 6.5% into my pension, which comes out of my pay each month.
Mine was never questoned at all. I was 50 when my IVA was approved.

Looks as though we were fortunate with our IP Marsha!