does a pension amount have to be declared

Get expert opinion. This is the place for new questions to be posted.
12 posts Page 1 of 1
 
 

David.tt

User avatar
Posts: 4
Joined: Wed Jul 28, 2010 4:16 pm

Post by David.tt » Mon Aug 16, 2010 7:18 pm
The "modest" savings are a pension payout from a firm that has closed, does a pension amount have to be declared or should it be moved to a new scheme ?
 
 

kallis3

User avatar
Forum Expert
Posts: 76073
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Mon Aug 16, 2010 8:44 pm
Hi David,

Not sure about this one, hopefully one of the experts will be along with some advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Tue Aug 17, 2010 1:56 am
I am not sure I understand the question. Could you be a little more specific please?
Regards, Melanie Giles, Insolvency Practitioner
 
 

David.tt

User avatar
Posts: 4
Joined: Wed Jul 28, 2010 4:16 pm

Post by David.tt » Wed Aug 18, 2010 12:57 pm
Hi, To explain further, the "modest savings" is an amount, a lump sum payment from a company pension scheme that has closed and paid out.
I wish to start an IVA but I do not want to loose this "reserve" at my age of 61.
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Wed Aug 18, 2010 1:23 pm
Hi and welcome
You will have to disclose all savings and lump sums if you are considering an IVA
Regards
Andam Davies
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9545
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Wed Aug 18, 2010 6:16 pm
Little point in ever failing to disclose savings etc to an IP who is going to propose an IVA for you.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

elisha

User avatar
Posts: 18
Joined: Thu Sep 06, 2007 1:02 pm
Location:

Post by elisha » Tue Aug 31, 2010 12:40 pm
But, if someone is already in an IVA, do they need to declare a pension lump sum payout, or the income from a pension, both of which happen after the IVA is commenced?

I know this information contained on the site below is for the situation re bankruptcy, but haven't things altered since May of 2000 re certain pensions? Does this involve only bankruptcies, or IVA's too?

http://www.insolvency.gov.uk/pdfs/guida ... ension.pdf
 
 

kallis3

User avatar
Forum Expert
Posts: 76073
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Aug 31, 2010 4:23 pm
You will have to declare a lump sum, it is classed as a windfall, and as such needs to be paid acoss to the IVA.

You also need to declare the income as it will impact upon your monthly disposable income.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

liverpig

User avatar
Posts: 135
Joined: Wed Jul 07, 2010 4:01 pm
Location: United Kingdom

Post by liverpig » Tue Aug 31, 2010 8:14 pm
My monthly pension is included as an income in my IVA as well as my wages.
 
 

elisha

User avatar
Posts: 18
Joined: Thu Sep 06, 2007 1:02 pm
Location:

Post by elisha » Wed Sep 01, 2010 12:08 am
Are we saying then that pensions since 2000 are treated differently in bankruptcy than they are in IVA's? Or, that I'm maybe misunderstanding the legislation in the government link in my previous post?
 
 

kallis3

User avatar
Forum Expert
Posts: 76073
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Sep 01, 2010 8:10 am
As far as I am aware, your pension, if you receive it whilst the IVA is stll running, will constitute a windfall if there is a lump sum involved.

Income will be counted towards your income and expenditure.

As far as I am aware the legislation for bankruptcy doesn't cover an IVA but I do stand to be corrected on that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

elisha

User avatar
Posts: 18
Joined: Thu Sep 06, 2007 1:02 pm
Location:

Post by elisha » Wed Sep 15, 2010 3:06 pm
I'm sure you are right on that. Just seems strange that they'd want a pension lum sum handing over, since no one in his right mind is going to take a chunk of his pension, which is after all optional, only to hand it away.

That is of course unless it was sufficient to offer a full and final settlement.
12 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”