My OH Bonus - help please

sleeplessnights_2

Hi All

I have a question about my OH bonus, we mentioned to the OR that my partner gets paid a bonus if the company he works for does well and the OR advised him to let them know when we receive it and they will ask for 50% of it, which is fine with us, but my question is -

Will we have to pay this for the 3 years or until we are discharged?

Thanks in advance

Sleeplessnights x

fermi

If he makes it to discharge without having a regular income surplus based IPA set up then that will be the end of it.

sleeplessnights_2

Thanks Fermi, but I think he may get a bonus in December and the OR told us just to give him a call and then we can arrange for 50% to be paid, but then we won't know when his other one will be paid it could be March or September, it just depends on how the business does, so will this mean we will keep having to let them know for 3 years, sorry to go on but we are not too sure.

Thanks

fermi

I believe the OR/Trustee can either set a limited IPA that can only be used to claim a portion of the lump sum, or can set up a continuing IPA that is simply varied to take account of the one off/sporadic bonus payments.

The way they do it will determine whether it continues after discharge.

I'll have a hunt for info if no one else has any direct experience.

sleeplessnights_2

That would be great if you could find it.

Thanks for all your help

xx:o