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This is the place to ask questions about Trust Deeds
By Gordon
#22233
My wife has been on maternity leave and during this she has accrued a number of days holiday.
Her maternity leave was due to finish in June but due to getting better hours(over the weekend rather than during the week – same number of hours though), she has left and joined another company.
So now she has received her last wage which has her normal monthly maternity pay, the rest of her maternity pay (up to June) and also pay for the holidays she was due.
We don’t know if she will receive a wage this month from her new employer as they have a cut off date and she only started on the 14th of the month.
Would you know if the trustee/trust deed requires ALL additional pay and holiday pay into the trust deed or would they be taking half of the extra income? Do they see it as a bonus or simply extra income?
I’m worried that they will simply say your normal pay is X you have received Y so give us Y – X. Despite the fact it is meant to cover up until the next new employer pay on 27th June.
I hope this makes sense and it would be great if you can give me any advice on this.
Is it up to the trustee if they take all or a % of any bonus you earn?

Thanks
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By Geraldine
#22236
Hi there Gordon and welcome to the forum.

If you are in a Trust Deed, as long as the income that your wife earns overall each month is no greater than that in the agreement, you do not need to worry. As such, if the extra payment she has received from her old employer is the equivalent of what she would have earned as standard if she simply stayed in the same position over the next couple of months, then there is no need to worry. You only need to be concerned if the overall amount that she earns over the period of transition is greater than what she would otherwise have expected. If that happens then the extra might be seen as additional and have to be paid into the Trust Deed. However given that I am sure you would not be talking a hugh amount, the Trustee might not be worried about it. Overall you need to speak to your Trustee anyway to inform them of your wife's new position. I am sure that they will allow you to keep the money you need so that you will not be short.
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By James Falla
#22266
Hello Gordon

I agree with Geraldine. If the amount that your wife earns overall during the next couple of months remains the same as she would have done without the change in jobs then she will not have to pay anything extra to the Trustee. You will have to speak to your Trustee to inform them of your wife's change of employment, however you could always do this after the dust settles and she has started receiving her salary from the new employer in a month or two. Just make sure you keep to one side eny extra that she makes so that you can give this to the Trustee if they decide to ask for it.
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By Steve Jackson
#22309
Hello Gordon

Do you and your wife both have a Trust Deed or is it just you? If it is just you then any increase in your wife's money should not make a difference to your payments, it would be her's to keep. Having said that you will still need to tell your Trustee about your wife's change of job.

If you both have a Trust Deed then as the other posters have said, you only need to worry about having to hand over any of the money received if overall it is greater than what you would have received if your wife had remained in the same job.

In terms of the percentage of any bonus you earn that the Trustee is allowed to take, has this been written into your Trust Deed? If so then these are the terms you need to follow. If not it will be left to the trustee's discretion.