IPA & possible redundancy

kevker23

Hi all,

I've had a quick search through the forum, but can't find any reference to this. 

Currently in an IPA, which is due to finish May next year. Work have just announced a round of redundancies. I think I am going to be safe, but preparing for the worst, if it did hit me, what would happen to any redundancy that I would receive. 

I know it's ideally meant to tide you over until you find another job (something which could take a while at my age), but I realise that it's a source of income that the OR would probably be entitled to.

la531983

IPA and voluntary redundancy — MoneySavingExpert Forum

kevker23

Many thanks for this, I have no idea why this didn't come up when i searched.

So it's the definition of income that decides what you need to declare for an IPA. I would imagine if I took a lump sum from my pension, then That would be treated the same as I am now discharged. The reason I am asking, is I may have the opportunity to buy the flat I'm currently renting. A mortgage advisor has managed to secure me a pension quote in principal (which would obvsiouly now be on hold due to the threat of redundancy), but the lump sum would provide me the deposit I would require, which is obviously higher due to the bankruptcy.

RAS

Any windfall needs to be declared. With redundancy at least you keep a substantial portion. With other windfalls you can end up repaying the whole sum originally owed plus the IP fees.

kevker23

RAS said:

Any windfall needs to be declared. With redundancy at least you keep a substantial portion. With other windfalls you can end up repaying the whole sum originally owed plus the IP fees.

This is where I keep getting confused. Almost everywhere I have read, because I have been discharged, from reading official documents etc, i was under the impression that only changes in income needed to be declared, so things like redundancy & pension lump sums don't need to be. I was originally under the impression that everything needed to be declared whilst in an IPA, but the more I've read, the less sure I am.