IVA & Pension

car1976

Long story short, my husband and I are in an IVA with PAYPLAN 2 half years in,  my husband has been laid off work due to an illness, our IVA payments have been reduced slightly for a short time, so money is very tight,  however my question is , Can my husband pull 25% of his private pension, I understand this is tax free !? Without payplan knowing ? Each year they only ask for my pay slips & P60and know bank statements are asked to be seen. 
Hope someone can help. 

Thankyou 

xylophone

https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/individual-voluntary-arrangements/managing-your-iva/circumstances-have-changed-individual-voluntary-arrangements/

If you start taking money from your pension while on an IVA, this will count as income and you should tell the insolvency practitioner. You may have to pay some of it into your IVA.

If you have a 'defined contribution pension' and become 55 years old during the term of your IVA, you could cash in some of your pension to pay into your IVA. Your IVA may already include an agreement that you have to pay some of this into the IVA. This is something that should have been discussed with you and agreed before the start of the IVA. You should get advice from an independent financial adviser before agreeing to use your pension savings. A ‘defined contribution pension’ is based on how much has been paid into your pot, not your salary near retirement.

Albermarle

Plus of course if he is younger than 55 , he can not access his pension in any circumstances.

xylophone

Plus of course if he is younger than 55 , he can not access his pension in any circumstances.

Not quite any.......

https://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/ill-health#:~:text=If%20your%20circumstances%20are%20more,pot%20as%20a%20lump%20sum.