Would my parents lump sum pension be taken off her ?

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jo670
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by jo670 » Sat Apr 15, 2017 6:06 pm
My parent is 76 years old and has an IVA she has now been offered her pension in a lump sum would this be taken off her?
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Foggy
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by Foggy » Sat Apr 15, 2017 6:24 pm
It could if she draws it down before the IVA is finished. How long has she got to go ? Does she own her own home ?

Sometimes pensions and proceeds are excluded in the paperwork -- look under "Assets" . And check the Chairman's Report in case any of the main proposal has been altered.

Finally -- there is a way round this by making a F&F offer before the pension is drawn down ... you need to make the offer in these terms ...... The lump sum will be drawen down for the purposes of offering £xx in full and final settlement of the IVA. Should the offer be rejected, then the lump sum will not be drawn down and will not be available to the creditors. This will require careful timing.
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Lisa Thomas
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by Lisa Thomas » Tue Apr 18, 2017 10:02 am
Good advice from Foggy.
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