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Scottish Trust Deed Forum
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Topic starter
02/06/2012 7:42 pm
Having reached the half-way point of my trust deed, I do have a question regarding what happens at the end.
The way I am currently paid is that 1/12 of my salary is withheld by my employer and is paid as a bonus at the end of the year (subject to performance etc). My last payment is scheduled for Nov 2013 and as I would expect all or part of my 2013 bonus to be paid in Dec 2013, will the Trustee be expecting their share of the bonus?
My current agreement with the Trustee is that their share of the bonus is discussed when I am made aware of the actual amount that is due, which is a couple of days before the bonus is due to be paid. The Trustee so far has been more than fair when deciding how much to take (approx 50%).
My trust deed was signed after April 2008.
02/06/2012 9:08 pm
Hi BlueTooner.
I think you'll need to check your trustee's understanding of the agreement on this question.
The closure process would usually begin upon your final payment but I don't know if it might be different given that this bonus might also be interpreted to be witheld salary from the expected term of the trust deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
04/06/2012 8:11 pm
Thanks TDA I will.
