Pension contributions in an IPA

peterparker12

Hi

I'm staring down the face of bankruptcy and it seems people are paying more into their pension than me. I've been paying the minimum of 4% but have been advised I can pay up to 15%.  Is this true? I will still be paying into an ipa

luvchocolate

I paid 8% but to be honest couldn't afford any more....but if approved definitely pay as much in as you can 

Minkym00

If you more than treble your pension contributions shortly prior to bankruptcy then you can expect this to be queried at the very least.

peterparker12

I don't want to take the !!!!!! by hiding it all away but taking advice on general money matters this year and sorting my life out financially, it was something that came up. I think if I increased to 8% surely that would be accepted? 

Do you think I should ask for forgiveness or permission? 

luvchocolate

8% is a normal contribution...examiners are all different mine was amazing and even moved some of my SOA around to work for me 

Fighter1986

luvchocolate said:

8% is a normal contribution...examiners are all different mine was amazing and even moved some of my SOA around to work for me 

Ditto, my OR allowed me great flexibility in my budget to avoid an IPA too. I felt they were really on my side. 

luvchocolate

For me the main thing was I totally honest and upfront about everything 

peterparker12

Thanks, I'll make a call to HR. I'm declaring BR on payday this Friday. Fingers crossed and thanks for your help.