www.iva.co.uk

Hi all! I have recently entered an IVA and one of the modifications on the IVA is that i reduce my pension contributions down to the minimum amount my company offer, which i am in the process of doing. I did have one thought, and it is that i am still currently in the stage of my pension where i can claim it back as a bulk sum.

I am wondering, would i need to disclose that i have done this or could i claim it back and keep it safe somewhere for a rainy day, such as a car issue or other emergency.

I dont want to take the risk and see it backfire on me!!

I am loving the fact that i am now on the road to financial freedomand the damage to my credit rating is a small cross to bear.

Some advice would be lovely!

If you turn your pension fund into cash it then becomes a windfall which would need to be declared for the benefit of creditors.

Great news that you are finding the IVA is really working for you now.

Do you ever sleep Melanie?!!?? Probably best to leave it where it is then and continue to make small payments as allowed by creditors?

I have a Govt./Superannuation scheme. I did not think that I had any choice in payments. I am about to go BR., Is there any possibility then ofthe OR saying that I have to make lower payments as I did not think that this would be allowed by employers

No - if the pension is being deducted from your salary, it is unlikely that the OR will ask for payments to be reduced or suspended.

melanie i am guessing that this is a normail request for an IVA then, or should i feel hard done by?

Keep your pension going by making the reduced payment - it will be better for you in the long run.

I rarely see pension modifications these days, but as you have the disadvantage to have one definately keep the pension going - it is probably still the most tax efficient way of saving money for the future.