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 ?
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
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.
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?
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
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?
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
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.
