Wind up pension lump sum

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Janetd0176

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Post by Janetd0176 » Sat Jul 04, 2020 12:38 pm
Hi
I am expecting an offer of a lump sum from a wind up pension scheme. Would this be classed as a windfall? Is it likely that the full amount would have to be paid into my IVA, or is it possible it could be used as a full and final offer?

kallis3

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Post by kallis3 » Sat Jul 04, 2020 1:06 pm
You need to speak to your company to find out. I offered up my redundancy as a full and final and it was accepted but that was a long time ago. It may well depend on the amount you are expecting.
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

Foggy

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Post by Foggy » Sat Jul 04, 2020 1:21 pm
Sometimes pensions and proceeds are excluded, but could well be treated as a windfall if not.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Janetd0176

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Post by Janetd0176 » Sun Jul 05, 2020 10:48 am
Hi
I am currently in an IVA , with approx 19 mths left to go. I am expecting to be offered a lump sum wind up pension scheme. It would not be enough to settle the whole debt, but would cover the remaing payments. Thus
I thought of offering this as a full and final offer. Would my IP consider this as a windfall? Would they therefore want to pay it all into my IVA as such. Is it worth talking to my IP about an offer , or whether they would class this as a windfall? If I accept the offer from the pension company, and IP kept all of the monies, I would be losing out on my pension

Foggy

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Post by Foggy » Sun Jul 05, 2020 11:11 am
Topics merged.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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