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Posted: Wed Aug 03, 2011 8:28 pm
by Ann.74
Will my occupational pension be affected by an IVA - can it be taken into account as in bankruptcy?
Posted: Wed Aug 03, 2011 10:13 pm
by Shining
Hi Ann and welcome to the forum, I cannot give you an answer but will keep this bumped up for someone who does know. x
Posted: Wed Aug 03, 2011 10:26 pm
by mattyboy
Speak to your ip. Mine was left out of the IVA, I got to continue paying into it and my contributions are locked in so there is no danger of a windfall needing to be paid. I think it's different f
Posted: Wed Aug 03, 2011 10:28 pm
by mattyboy
I think it's different depending on your individual circumstances and what level of dividend you would be paying back.
Posted: Wed Aug 03, 2011 10:43 pm
by kallis3
Hi and welcome from me as well.
Are you enquiring as to whether you will be allowed to continue to contribute towards it? If so I think it depends upon the amount you have to pay.
If you are likely to receive a lump sum before the IVA is ended you may well end up having to pay some or all of this across.
Posted: Wed Aug 03, 2011 11:26 pm
by Tomoose
It is usual that you will be allowed to continue paying into your occupational pension, but only at the minimum allowable rate, i.e. no paying AVCs or anything to top it up.
Posted: Wed Aug 03, 2011 11:29 pm
by kallis3
I pay 6.8% towards mine (and that will probably rise next year) and had no problems continuing with it.
That may also have something to with my age though as I am getting very close to being able to retire.
Posted: Wed Aug 03, 2011 11:37 pm
by MelanieGiles
Are you worried about your monthly pension payments been taken into account when calculating your disposable income, or whether you will be able to continue making payments into the pension from your salary?
Posted: Thu Aug 04, 2011 7:11 am
by stressed28
Hi I have wondered the same I pay £85 a month into mine but its the only pension my husband and I have between us can't afford. For him to do one to. We went with mine as I have a death in service clause in mine so really don't want to lose that. As my kids are the nominated people to get the lump sum and given our situation if anything happened to me that's all they would get?
Posted: Thu Aug 04, 2011 8:13 am
by TheMatrix
I was allowed to keep my final salary company pension going in the IVA, and continued payments at 3% of salary. It had been going for 6 years prior to the IVA though.
Posted: Thu Aug 04, 2011 8:26 am
by kallis3
I pay over £200 a month into mine a monith and this was never questioned.