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Pension Scheme

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(@newbie65)
Eminent Member
Joined: 15 years ago
Posts: 41
Topic starter  

Hi. I wonder if I could ask a bit of advice. Whilst in a Trust Deed would I be permitted to join into a work pension scheme or would this have implications for my trust deed?


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

That shouldn't be a problem at all Newbie65.

Will your employer be contributing to the pension scheme on your behalf?

Are you expected (or expecting) to make contributions yourself as well?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@newbie65)
Eminent Member
Joined: 15 years ago
Posts: 41
Topic starter  

Hi TDA. Thanks for your reply. Yes my employer would be contributing to the scheme on my behalf but it is my understanding that I would also be expected to contribute to this too and this would be taken from my salary before tax and other contributions. I wasnt sure if I should wait until my TD has ended before starting this however I would still be able to make my contributions to my TD.


   
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(@porcupine)
Estimable Member
Joined: 15 years ago
Posts: 206
 

Newbie.....

I was already a member of my Works Pension when I started my PTD, my Trustee had no issue with me being in it or remaining in it whilst in my Trust Deed......


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi again Newbie65.

I don't think there will be an issue with making a modest contribution into your pension.

Where it could cause a problem might be if you choose to make such a pension contribution but the amount you are paying means you cannot make your full trust deed payment any longer.

If you are diverting a modest amount of money from other areas of your budget that probably will not be a problem, though you could seek some reassurance from your trust deed firm if you want to be certain.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@newbie65)
Eminent Member
Joined: 15 years ago
Posts: 41
Topic starter  

I will do that, thank you for your advice once again ๐Ÿ™‚


   
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