www.iva.co.uk

hi my husband and I have been in an I v a for 3years we are both still working and intend to for another year. This year our state pension is payable is it better to defer it for a year rather than claim it, please help as we don't know what to do Thankyou

50% of any income from your state pension would go to the IVA.

It comes down to would you personally benefit from having some of that money now or is it just another complication and you can put it off.

Personally I would defer -- that way the IVA gets none of it and the pension pot gets a little healthier.

I think I'd defer it as well. The other thing is that once you pick up your state pension, your tax code will alter. They cannot tax your state pension but it is income so it will alter your tax from your work.

There is some recent case law in Bankruptcy that if the debtor is entitled to draw their annuities, then the IP can force them to take them for the benefit of the Bankruptcy estate. It's a bit complicated and depends on the circumstances. Your IP might insist on looking into this if it's brought to his attention as IVAs are usually mirrored on what would happen in BKY. I would therefore defer until your IVAs are done and dusted. Is there a lump sum available that you could use to make a F&F offer instead?