Can you tell me what is ment by a pension approved by the Inland Revenue.
I have pensions from Gov run establishments. Soon to receive a state pension.
My company pension is approved by HMRC, which means I pay less in NI contributions as I am not relying on the State secondary pension, but arranging my own.
Hi an Inland Revenue or HMRC approved pension is basically one that is approved by the Revenue for tax relief on the contributions made. The scheme has to follow strict guidlines such as the % of a person's earned income that can be paid into the pension on an annual basis, and the amount that can be drawn as a tax free lump sum upon the individual retiring.
Most occupational and pesonal pension schemes are approved by the Revenue and it is only a few self administered pension schemes that may not have had approval.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
You will probably have to do a new I&E as you will be receiving a state pension as well as an occupational pension. It may make a difference to your contributions.
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
Jan is right, your state pension payments are basically an additional source of income and you will have to increase the payments to your IVA accordingly
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Not necessarily. Depends on how much your I&E has changed.
You need to speak to your IP to see what they say about it.
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
Sorry for keep plugging away but my IVA conditions state
Where net income has increased the Debtor shall increase contributions by 50% of the net surplus ( after taking into account cost of living ) commencing in the month following the review.
This would indicate to me that 50% of the state pension would be put into the IVA or is this not the way that the condition should be understood.
You are probably right, but if your cost of living has changed, then that will be taken into account.
You need to speak to your IP to clarify what is to happen to your pension.
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 Jandd. It is not unusual for people to defer their state pension. This increases the benefits as and when that person does opt to start receiving it.
