question category: IVA

I am in my 5th year of my iva can i take my pension

Submitted on: 24th Jan 2012 by Non-Member | Total Answers: 2

I can take my none contributory pension at 55,which could be a very large sum of cash and I can still continue to work ,I have 6 months to go on my IVA ,do i have to pay the lump sum to the iva company ,or do i wait to the iva is finished before taking my pension.

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Re: I am in my 5th year of my iva can i take my pension

This would be treated as a windfall if you decided to draw it, which means that it would be included in the IVA. However, you would not normally be expected to release a pension payment unless there’s an explicit stipulation contained within your IVA agreement stating you must do so. You need to get advice from your IP before you do anything.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you're considering entering into an IVA or need further help with your IVA, Debt Advice Foundation provides a free, confidential helpline and can advise you and on whether you qualify. Click here to find out more.

Submitted on: 25th Jan 2012 by TA Member

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Re: I am in my 5th year of my iva can i take my pension

It would not be advisable for you to draw down any money from your pension until you have received official written confirmation that your IVA has been concluded. Your pension is currently protected in trust, if you were to withdraw money from it before your IVA had been finalised the Insolvency Practitioner may request some of the funds.

Submitted on: 31st Jan 2012 by TA Member

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