Pension CETV for divorce

Tom99

enthusiasticsaver wrote: »

Although I guess if it needs updating a lot it can add up. Was the reason for updating the length of time if you don't mind me asking? Do they expire is I guess what I am asking? So if a decree nisi is applied for and a Pension CETV for divorce at the same time is there a point where you can no longer use it on the financial consent because it is too out of date? More than a year say?

[FONT=Verdana, sans-serif]We were applying for a pension sharing order so wanted to know both the capital value of the pension and how much immediate pension my wife would get with her portion of the capital sum.

[/FONT] [FONT=Verdana, sans-serif]The repeat requests were a time thing, the last one was requested by the judge who wanted to make sure the figures were up to date.

[/FONT] [FONT=Verdana, sans-serif]We drafted all the documents ourselves without outside help but I don't know if its still possible to do that.[/FONT]

enthusiasticsaver

crv1963 wrote: »

I have since edited the post with a little more info.

Thanks.

So it looks like it costs to enact the transfer so that is something to bear in mind. Presumably on a percentage basis.

Silvertabby

Speaking from a LGPS point of view, the initial divorce CETV is always an estimate, as at the date the request was submitted. The final calculation is then done as at the date of the Court Order.

Again, from a LGPS viewpoint, we did a LOT of divorce CETV estimates (which are used as part of the assessment of total marital assets) but very few actually went through to PSO/Court Order stage. Possibly because it's easier to split up other assets and leave the pensions alone?

enthusiasticsaver

Silvertabby wrote: »

Speaking from a LGPS point of view, the initial divorce CETV is always an estimate, as at the date the request was submitted. The final calculation is then done as at the date of the Court Order.

Again, from a LGPS viewpoint, we did a LOT of divorce CETV estimates (which are used as part of the assessment of total marital assets) but very few actually went through to PSO/Court Order stage. Possibly because it's easier to split up other assets and leave the pensions alone?

Yes, I think if there is a 3 or 4% transfer cost then this will impact on the decision. Knowing the value though is helpful in deciding the split and it looks like it is needed anyway for the financial consent form. I do think a lot of people underestimate the value of them though and particularly if you are within 10 or 15 years of retirement ignoring it seems risky. There are only so many years to get money back into it.

stoozie1

I thought there was an estimate CETV on the total rewards statement page for NHS pensions (updated to April 2017)?

mgdavid

stoozie1 wrote: »

I thought there was an estimate CETV on the total rewards statement page for NHS pensions (updated to April 2017)?

CETV for transfer is not the same as a CETV for divorce.

stoozie1

sorry, I didn't realise they were different and thought it might be useful!

enthusiasticsaver

mgdavid wrote: »

CETV for transfer is not the same as a CETV for divorce.

Do you know why the CETV is different for divorce than a normal CETV?