If You Fall Behind On Maintenance Payments Your Pension May Be At Risk

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One of the main benefits of a retirement fund is that your investment is protected from creditors – that is unless you fall behind on your maintenance payments. 

If a member of a retirement fund defaults on maintenance payments, a court order can be issued to claim arrear payments from the fund. Independent retirement funds compliance consultant Tony Remas explains that financial dependency is an important consideration when it comes to the payment of death benefits in terms of the rules of retirement funds. 

For example, section 37C of the Pension Funds Act requires the trustees to pay out the death benefits of a retirement fund to those dependants who can prove their financial dependency first, irrespective of the beneficiaries selected on the member’s nomination form. 

The rent you pay us is our main source of income. They need it to carry on providing homes to people who need them. This is why we are quick to remind you when you owe us rent. 

If you do fall behind with your rent, we can help you by: 

  • Giving you benefits advice and helping you claim any benefits you might be entitled to 
  • Making an affordable repayment arrangement with you if you can’t afford to pay the money back straightaway 
  • If you are more than 4 weeks in arrears, and are in receipt of Income Support or Income Based JSA, we can apply to the Department of Work and Pensions to have some money deducted from your weekly benefit to pay off your arrears 
  • If you don’t keep to an arrangement with us, or fail to contact us about your arrears, we will issue you a Notice of Seeking Possession. This is the first step towards taking you to court to regain possession of your home. 

If they have to take you to court, you not only risk losing your home, but you will also incur additional court fees. 

Remember, they don’t want anyone to lose their home, but if you don’t pay your rent we will have to ask you to leave. If you lose your home because you haven’t paid your rent, it is unlikely that the Council or another housing association will re-house you. 

If you fall into arrears please follow this advice: 

  • Carefully read any letters you receive from us as they will explain what you need to do, and what your rights are 
  • Contact us immediately – we can help 
  • Come to an agreement to pay off your arrears in a way you can afford and stick to it 
  • Take independent advice 
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