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indy2005
Junior Member
458 Posts |
 Posted - 17 March 2010 : 22:11:06
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Hi,
I get an annual bonus which is part shares and part cash. I am 12 months into an IPA, I know the shares are mine as an asset provided post discharge. Do I have to declare the bonus?
Regards
i |
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2010 : 08:16:24
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I would add I have a choice to have it paid directly to my pension, which I would do begrudgingly if I have to give 70% away into my IPA (which is a large payment as it is).
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2010 : 17:30:36
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 18 March 2010 : 17:51:58
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Hi Indy
My understanding is that the OR would consider a cash bonus to be a part of your income, and therefore at least part of it would be claimable under your IPA.
If you are discharged I don't think the OR would be able to claim it if it was paid into your pension, but I have to admit I am not 100% certain |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 March 2010 : 18:15:24
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Once you have been discharged any one off bonuses, lottery wins, etc. are yours to keep even if you pay an IPA.
If an extra amount (i.e. overtime, etc.) occurs on a regular basis then you would need to inform the OR and they IPA amount would probably change.
Prior to discharge you would need to inform the OR of the bonus. |
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2010 : 19:05:31
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quote:
Originally posted by gettingoutofdebt
Once you have been discharged any one off bonuses, lottery wins, etc. are yours to keep even if you pay an IPA.
If an extra amount (i.e. overtime, etc.) occurs on a regular basis then you would need to inform the OR and they IPA amount would probably change.
Prior to discharge you would need to inform the OR of the bonus.
Thanks, thats great news! I get it every year, although the amount varies - and they took it all last year prior to discharge. DO I have to declare an extract 1.5% pay? I plan on using this to fund additional holidays so my technical salary in pocket wont increase.
Regards
i |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 March 2010 : 09:09:49
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A 1.5% pay increase should be declared to the OR. Don't forget that the OR/MoonBeever can request pay statements from you at any time until the IPA has ended so it is always best to be honest.
It may be that your expenses (petrol, travel, utility bills) have also increased so your IPA amount may stay the same but this is for the OR to decide.
Domestic breaks aren't always allowed by the OR so using the pay rise to fund additional holidays isn't really your decision to make. |
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indy2005
Junior Member
458 Posts |
Posted - 19 March 2010 : 09:36:35
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Hi,
I did it last year and told the RTLU that I had had a pay rise but due to child care commitments I needed to use the money to fund some addtional days off. They were fine with it, and thanked me for telling them. I dont think its unreasonable to buy an extrat 2 days a year when you have small children. To me, that IS my call to make - unless the OR is willing to babysit for me at half term ;-). They cant tell me how to look after my children, or how many days off a year I am allowed to take.
i |
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xmas baby
Average Member
537 Posts |
Posted - 19 March 2010 : 11:15:43
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I had an annual bonus of £150 in December and I informed RTLU and he took 70% of it (£70). would have thought he would have said I could keep it as it only happens once a year and it was hardly a substantial amount. I must have been unlucky and had a jobsworth.
xmas baby |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 March 2010 : 11:33:54
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quote:
Originally posted by indy2005
Hi,
I did it last year and told the RTLU that I had had a pay rise but due to child care commitments I needed to use the money to fund some addtional days off. They were fine with it, and thanked me for telling them. I dont think its unreasonable to buy an extrat 2 days a year when you have small children. To me, that IS my call to make - unless the OR is willing to babysit for me at half term ;-). They cant tell me how to look after my children, or how many days off a year I am allowed to take.
i
But they can tell you what you are entitled to list in your I&E for your IPA and you have agreed to this with the form you would have signed when the IPA was agreed with the OR.
At the end of the day whether you want to inform the OR of the pay increase is up to you. All people on this board can do is advise you. |
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indy2005
Junior Member
458 Posts |
Posted - 19 March 2010 : 12:07:32
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Hi,
I appreciate all advice! Just saying that if I want to alter my benefits package at work to cover additional child care, it doesnt alter my IPA at all. I am not asking for more holiday budget, I am just using some additional pay to buy additional holidays - as opposed to me reducing my IPA payment to cover addtional child care. I will tell them about my 1.5 % in April, and then in July - redo my IPOQ again because the 1.5% will not be on my pay slip any more.
I am getting confused about bonuses, do I have to declare it and will they take it? If they are taking 70% of a £150 bonus, this seems in conflict with earlier posts?
Regards (and thanks - didnt mean to come across ungrateful).
Regards
i
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indy2005
Junior Member
458 Posts |
Posted - 19 March 2010 : 12:09:44
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quote:
Originally posted by xmas baby
I had an annual bonus of £150 in December and I informed RTLU and he took 70% of it (£70). would have thought he would have said I could keep it as it only happens once a year and it was hardly a substantial amount. I must have been unlucky and had a jobsworth.
xmas baby
Was this post discharge? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 March 2010 : 13:13:23
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quote:
Originally posted by indy2005
I am getting confused about bonuses, do I have to declare it and will they take it? If they are taking 70% of a £150 bonus, this seems in conflict with earlier posts?
Regards (and thanks - didnt mean to come across ungrateful).
Regards
i
You don't need to declare the bonus and the OR won't take it. Xmas Baby wasn't discharged until a few weeks ago so his bonus, or 70% of it, was taken as he was still BR in December. |
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indy2005
Junior Member
458 Posts |
Posted - 19 March 2010 : 15:33:16
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quote:
Originally posted by gettingoutofdebt
quote:
Originally posted by indy2005
I am getting confused about bonuses, do I have to declare it and will they take it? If they are taking 70% of a £150 bonus, this seems in conflict with earlier posts?
Regards (and thanks - didnt mean to come across ungrateful).
Regards
i
You don't need to declare the bonus and the OR won't take it. Xmas Baby wasn't discharged until a few weeks ago so his bonus, or 70% of it, was taken as he was still BR in December.
Hi,
I just rang the insolvency service, and then spoke to a case officer - who stated I do need to declare it, and their guidance was they would look to reclaim 50% if it.
If they are in the wrong, or are acting improperly how do I handle it?
Thay also advised me if I want to waive it into my pension thats fine, but if it comes as cash - they want half.
Thats from the horses mouth.
Regards
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indy2005
Junior Member
458 Posts |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 19 March 2010 : 15:55:30
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That was always my understanding of the situation. A bonus is classed as part of your earnings, not after acquired property.
Any after acquired property you acquire after discharge (such as a lottery win) is not claimable, but increases in earnings are, even if paid periodically by way of lump sums |
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Bonus in IPA
