Will the IVA affect my pension?

Your state pension will not be affected by an IVA. If you are paying into a private pension, you may be asked to reduce or suspend payments into the pension for the duration of the IVA. If you are receiving income from a private pension, this will be considered when establishing your overall monthly income and expenditure. If you were to release a cash lump sum from your pension during the term of your IVA, you may be required to pay more into the arrangement. You will not normally be obligated to release funds from a private pension although you may choose to do so as part of your offer to creditors. Your IVA proposal will confirm the specific terms in relation to pensions.