pension

[petes39]

Hi all hope you can assist a question for the experts. My iva states:

documentary evidence of the debtors pension policy(ies) and its terms must be evidenced by the supervisor within 30 days of the acceptance of the acceptance of the arrangement. Where the debtor is below the age of 55 yrs at the time of the arrangement the minimum mandatory pension contribution only shall be allowed. Where the debtor is 55 yrs old or above at the date of the arrangement then an avergae of the last six monthly pension contributions shall be allowed subject to a contribution limit of £75 above the minimum mandatory pension per month.

Now i pay my works pension and this was all included in the iva so they knew how much i payed a month . So what does this all mean. that i`m not allowed to pay any more into it and ok to stay the same as my job requires for my pension which is 11%?? anyone help.


Thanks Pete

[MelanieGiles]

This is a standard modification used by Grant Thornton on behalf of a number of creditors. It means that you are allowed to retain your occupational pension but not pay any more than the minimum contributions - so no AVCs or personal pensions unless you are over the age of 55 where you can pay up to £75 more.

[petes39]

Thank you very much for putting my mind at rest.

As so many say wish had have found this forum when I was under soooo much stress and found yourself, ( and others like you. )


Best regards Pete

[james.c]

When i went in to my IVA i had a company pension, and one of the modifications which was requested by EGG was that i froze the pension until after the IVA.

I spoke with my company about this, and it was not possible to freeze the pension, appartnaley I was very lucky to have a pension that was based on my final salary and if i came out of it i would not get it back.

So my company wrote a letter to my IP stating that as per the request of EGG the pension could not be forzen and only closed down.

I was allowed to keep my pension going becuase it could not be frozen.

I do wonder if EGG had stop paying the pension instead of freezing it, wether the outcome would of been any different