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Posted: Mon Feb 25, 2008 9:07 am
by mickdave
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?
Posted: Mon Feb 25, 2008 9:35 am
by MelanieGiles
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?
Posted: Mon Feb 25, 2008 10:13 am
by mickdave
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
Posted: Mon Feb 25, 2008 10:18 am
by MelanieGiles
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.