How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Buachaill Your Own Question
Buachaill, Barrister
Category: Law
Satisfied Customers: 10982
Experience:  Barrister 17 years experience
Type Your Law Question Here...
Buachaill is online now

I have an IVA that has run years it has a further 2 years

This answer was rated:

I have an IVA that has run for 4 years it has a further 2 years to run I am 71 and have deferred my pension for the last 6.5 years I have recently had a problem where I need to take my pension and would prefer to take the deferred part of my pension as a lump sum and continue with a standard pension. Will the IVA be able to take any or all of my lump sum?
1. The answer to your question depends upon what type of pension it is. So can you better explain what your pension is. Is it an occupational pension? Is it an exempt approved scheme;a relevant statutory scheme; a retirements benefits scheme or a personal pension scheme? is the lump sum one which would previously have been used to purchase an annuity?
Customer: replied 2 years ago.
It is a standard state old age pension
2. By section 11 of the Welfare Reform & Pensions Act, 1999, this pension is excluded from your bankruptcy arrangement entered into by way of IVA, as it is a relevant statutory scheme. So you do not have to hand over your lump sum when you get it. However, if you have an Insolvency Practitioner, I would advise you to speak to him or her before you draw it down. However, the legal regime allows you to take it in full. However, you must have disclosed the existence of your pension when entering into the IVA.
Buachaill and other Law Specialists are ready to help you