IVA Question
How does an IVA impact my personal pension ?
The asset that is your personal pension is not at risk on an IVA. However, you may be required to reduce or suspend payments into it for the duration of the IVA with the intention of using this money towards the IVA.
Income received from either a state or other pension schemes are considered as income when calculating how much you can afford to pay into an IVA.
If you have made excessive contributes into a personal pension plan, just before applying for personal involvency, which is what an IVA is, then this may be considered to be an attempt to hide money from your creditors. In the case of bankruptcy, this transaction could be reversed by court order and the money taken to paid towards your debts. Your creditors would require the same in order to approve the IVA propsal, after all an IVA is intended to produce more for the creditors than bankruptcy.