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JacqueG
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3 Posts

Posted - 09 January 2019 :  14:24:46  Show Profile  Reply with Quote
Hi, I entered into my Trust Deed in February 2017 for a term of 4 years. I work part-time 3 days per week but I am due to receive my retirement pension in July this year.
If I continue to work will my trustee take the full amount of my pension into consideration? What are my options if I decide to continue working and defer my pension?
Also if I decide to take my pension and give up work my monthly income will decrease considerably which means I would need to ask for a decrease in my monthly payment towards the trust deed. If this was accepted would it incur an extension to the 4 year term?
I look forward to hearing your advice.

TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 09 January 2019 :  14:52:11  Show Profile  Reply with Quote
Welcome to the forum JacqueG.

Will your pension include a lump sum being paid, or just a monthly income?

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JacqueG
New Member

3 Posts

Posted - 09 January 2019 :  14:58:35  Show Profile  Reply with Quote
No lump sum only state retirement pension of approx. 706pm
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 09 January 2019 :  15:18:54  Show Profile  Reply with Quote
Thank you.

Your pension income will be seen in the same way as your income from work.

Your trust deed payment is based upon affordability. Therefore, if your income goes up without any increase in your expenditure, you can expect your monthly trust deed payment to increase by a similar amount.

If you defer your pension and keep the same income from work, I doubt anything will change.

If you choose to stop work and your income reduces, your trust deed payment will have to reduce. This could well result in an extension, and especially so if it was something you chose to happen (rather than it being something that was out of your control).

To know where you stand for sure, you should discuss this with your trustee.

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JacqueG
New Member

3 Posts

Posted - 09 January 2019 :  16:48:37  Show Profile  Reply with Quote
Thank you for your advice. I will get in touch with my trustee to discuss the retirement pension situation further.
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