Hi graham

if there is a reduction in contribution as a result in reduction in income, the trustee may well extend the period of the trust deed.

On the redundancy issue, this has been covered several times and can be found using the search button. The most recent post stated:

In practical terms the following will usually be the position:

1 - The statutory element of the payment (the amount you must be paid by law) will normally be yours to live from while you seek new work.

2 - Any additional amount (perhaps because of clauses in your contract or negotiation) will usually need to be paid into the trust deed.

Mark

Hi graham.

Let your trustee know if you get a pay cut. It should be factored into your monthly trust deed payment.

If you are made redundant you'd normally keep the statutory element of any payment to help you while you look for new work. Any extra redundancy payment would normally go into your trust deed as it would be considered to be a windfall.

Can I ask, are you still expected to pay the trust deed monthly payment if you are made redundant ? what happens if you become unemployed or fired, does it get suspended till you start work again ?

Hi Sinking

Very generally, you are expected to meet the target amount proposed at the start. ie the full contribution total

Mark

Hi sinking5.

As Mark mentions it's only possible to answer the question generally as a trustee will make a judgment based on the circumstances.

There may be a suspension of the monthly payments so long as the period isn't excessive. Some may require missed payments to be made up later, though some trustees may not require this if the change in circumstances were beyond your control.