It seems to me that there is much scope for you to re-enter the scheme and it is certaintly something I would have discussed with you at an early stage especially as you have opted out - presumably to try and find more money to struggle to pay creditors. The NHS scheme is still one of the best schemes around, and it is rare to see an NHS worker not making contributions to be honest.
If the proposal has already been circulated to creditors, and you wish to change the level of contributions, your IP will need to explain this to creditors, withdraw the application and represent.
It is honestly not something that I have ever done, but I would think that creditors may be suprised to note the changes being suggested now and may question what has led to you signing one set of documents to immediately change your mind.
Don't let this put you off instructing your IP however. Five years of lost pension payments now at your age - which appear to be very affordable given the dividend you say you are returning in your earlier post - will pay you much larger rewards when you come to retire.
Did you discuss your concerns about cancelling your pension with your IP at the time the proposals were being finalised?
That is no problem at all; these are worrying times and I am glad that I might have helped you look at your pension too. I wish I had done it years ago but at least if we start now it is something. Good luck and please keep me posted on what you decide to do. I don't have a date yet for the creditors meeting and am not looking forward to the wait but will be worth it in the end I am sure. GOOD LUCK
How will you be able to fund the pension post-IVA, and is this likely to affect your IVA payments - which I assume it will?
Surely the IVA would then need to be varied to accomodate the reduction in payments - as the 15% discretion can only be used to cover a change in circumstances which are unforseen at the time of the creditors meeting?
I dont know really as the administrator advised waiting as it would look bad to change things now. I didnt speak directly to Liz at Liberta but the administrator who drafted the proposal.
Have spoken to my IP now. All a bit complicated- we plan to get through the creditors meeting first but looking at our I&E we will definately be asked to cut our cable/phone/broadband bill, contingency and social amounts. Liz will attempt to offset this with the pension but if not we will look at it again after we have started the iva and are a year in- basically the immediate problem is dealing with the debt and getting approved I guess then seeing how we can include pension.
Hi again#
this is to update Melanie regarding pension= spoke with IP who spoke with creditors at TIX =all agreed that i had every right to join pension scheme and to be fair Liz at Liberta worked out the monthly net cost of the pension and this was offset against the 100 more they were questioning on my I&E and was allowed to go to pension. Big relief= had expected the increase but for it to go into pension is a bonus.
thanks Mel for your fab advice-made foolish decisions about pension over the years but now is a fresh start and day one of the new money conscious me without the monkey on my back!
I think it's brilliant that you've been able to join the pension. I'm fortunate that I was allowed to stay in mine.
I think everyone should be able to either remain in, or join a scheme in an IVA.
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 would add that a pension in the current climate is a major thing to pay into, and one i certainly wouldn't dismiss, after 12 months it becomes complusory for the company i work for, and its approx 5% before tax, i pay in £100 a month before tax but it only shows up as £20 less a month in my actual pay, 1 pay rise later and im back on equal terms. Its taken 3 years but i know finally have a payrise i can declare as my pension ate up the other payrises.
But the benefits are big, so ive paid into my pension for 3 years i now have a £75k payout if i get killed in service (well those vegetables can fight back) or if i pass away, if i was to be forced to retire and not pay anymore into my pension i would take home £125 a month, not much but for 3 years of paying in, its a great pension scheme. As i pay more in the better it becomes, not owning my own home its the only security i have for my future.
