Transfer Values

JamesU

casterman wrote: »

What to do next?

Frustrating, because you no longer have confidence that the £23K CETV ia correct. I would be inclined to have the CETV verified by an IFA/actuary. Have it estimated using both 2008 (possibly explaining TakingStock's estimate around £39K using RPI) and the newer 2011 discount rate assumptions (CPI and new assumptions possibly reducing this to £23K).

Such CETVs must be prepared all the time for divorce settlements, so you would need to know where to find an IFA/actuary that is used to dealing with such civil service pension calculations, and get a quote for the work. At least that way you would have peace of mind and can bring this to a conclusion.

JamesU

Loughton_Monkey

The trouble is that if you asked 10 actuaries to calculate a transfer value, you would get 10 different answers. Depends very much on the assumptions they make.

JamesU

Loughton_Monkey wrote: »

The trouble is that if you asked 10 actuaries to calculate a transfer value, you would get 10 different answers. Depends very much on the assumptions they make.

Not sure if that would be the case. Thought the civil service used set formulae for calculating CETVs, so see no reason for such variations if the actuary is familiar with the civil service calculations in use. The calculations and discount assumptions used prior to suspension of CETVs last Summer, and the new calculations used when CETVs were reintroduced late last year, would be known.

JamesU

Zelazny

Better bet might be to ask them to details the assumptions that were made when they calculated the CETV, then have an IFA check that (a) they are reasonable and (b) that they give the answer specified.

Thing is, from what I can see they quoted a Transfer Value of £23.6k. You accepted this. They paid out a different value (and this could be as simple as someone picking up the wrong file when organising the payment - sadly it happens) and now want back the difference. At the end of the day, you had accepted the initial value, and they likely don't see why you're complaining. Put it down in writing that this causes you to question the whole procedure and the basis of their calculations and ask for more details - they can't really refuse to give you them as it's only reasonable to understand where the error has occurred.

casterman

TBH that is only what I want - an explanation of where the higher figure came from and why.

Actually received a letter today from CS - all they said was sorry for any inconvenience and could they have their money back!!

Still no explanation and it is this evasiveness that gets me twitching.