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new ips rules i will lose my pension :(
thefishdude
Posts: 541 Forumite
just now realsed that due to the new ipa rules that came into force i will no longer be able to be in my company pension.
i have just started a job that still has a final salary pension. you have to contribute 5% of your wages each month to fund it. but by all accounts its a good pension soo i was glad to be in it. now under old ipa rules if i had £50 spare a month i could do what i like with it and that would cover my pension contribution as i dont earn that muh but now. you only allowed £20 a month spare and as a pension is deemed a luxury i believe? i willl have to with draw from then pension
i am right in what i am thinking aint i ?
i have just started a job that still has a final salary pension. you have to contribute 5% of your wages each month to fund it. but by all accounts its a good pension soo i was glad to be in it. now under old ipa rules if i had £50 spare a month i could do what i like with it and that would cover my pension contribution as i dont earn that muh but now. you only allowed £20 a month spare and as a pension is deemed a luxury i believe? i willl have to with draw from then pension
i am right in what i am thinking aint i ?
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Comments
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i ment ipa riles not ips as title sais0
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doesn't your pension contribution come out of your gross rather than net salary? i don't think a pension contribution is seen as a luxury, additional contributions are definitely though. hopefully someone else will comment!0
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yes my pension comesout of the gross pre tax salary. and as i said its not an additional payment. if you dont pay it then you are not in the pension scheme.
so does that means i can keep paying it ? any know ?0 -
i haven't seen anything to suggest all br's should come out of pension schemes - there would be uproar!!!! i think this will be ok but hopefully someone with contacts will confirm!0
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my pension comes out before I get my salary, that is all listed on a letter from my employer, not had any problems so farGetting fit for 2013 - Starting weight 10.1.13 88.1kg
Weight 27.3.13 79.1kg weight 2.4.13 79.9kg Weight 24.4.13 77.8kg. 4.6.13 76kg
BSC member 3310 -
Hi,
Pension contributions are unaffected by the new IPA rules. So long as your contributions are not deemed 'excessive' then there will be no problem. Your contribution does not seem excessive.
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
Agreed. It's only "Additional pension contributions to enhance a pension" that would not be allowed in an IPA calculation.
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
thankx everyone that put my mind at rest
ill just explain that its not an additional and that is pre tax. 0 -
We were allowed to keep our pensionsIf you woke up this morning congratulations, you have another chance :j0
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