I will soon be receiving my pension. Is

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christine330
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by christine330 » Fri Mar 03, 2017 7:36 am
Christine called in regards to her IVA she already has she explained she is currently retired therefore will be receiving shortly her pension payment from her previous employer she wanted to know if it counted as a wind fall? And if the money will be taken off her straight away as she is depending on the pension to live on.
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Foggy
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by Foggy » Fri Mar 03, 2017 8:06 am
Any lump sum will be treated as a windfall -- unless pensions and proceeds were excluded in the agreement. The pension payment, each month, will be treated as a rise in income and 50% of this will go towards the increased IVA payment. Usually this happens after the review following the pay rise -- but some IPs try it on. However, some arrangements do allow this to be taken right away -- so check your own proposals wording on pay increases.
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