early retirement lump sum

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mickdave

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Post by mickdave » Mon Feb 25, 2008 9:07 am
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i am taking early retirement next month and will receive a small pension per month and a lump sum payment.will i need to pay this into my iva?
mg hegarty
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MelanieGiles

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Post by MelanieGiles » Mon Feb 25, 2008 9:35 am
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Hi mick and welcome to the forum

Pensions are exempt from IVA proceedings, so there will be no need to pay the lump sum into the IVA, however your monthly pension will be included as income - which I assume will replace your salary. Will you still be able to afford your IVA payments when you retire?
Regards, Melanie Giles, Insolvency Practitioner
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mickdave

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Post by mickdave » Mon Feb 25, 2008 10:13 am
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i will be starting a new job with a smaller salary,but combined with my pension my income will be broadly the same.do i have to tell my ip about my lump sum -and can i just go ahead and invest it for the future as i am only 51.

thanks for your reply
mg hegarty
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MelanieGiles

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Post by MelanieGiles » Mon Feb 25, 2008 10:18 am
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It would be courteous to advise your IP of the receipt of the lump sum, so that there are no misunderstandings at any later stage.
Regards, Melanie Giles, Insolvency Practitioner
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