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Transfer Final salary questions.

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  • daveyjp
    daveyjp Posts: 13,514 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you are concerned about providing for others you need to work out what you want to provide and how it can be achieved without rushing into cashing in a pot whuch may also need to cover your living expenses for 30+ years.

    It is posssible to leave money and also have your guaranteed DB income.  You have ten years to achieve it,

    You also need to ensure you have informed your DB provider who any death in service payment goes to, should the worse happen.
  • LHW99
    LHW99 Posts: 5,209 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You could always use some of the DB income on an insurance policy in trust to your children.
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Thanks for the comments.

    Just to clarify, which figure do i take as a rough figure to calculate my potential CETV?
    My latest statement states "this is the pension you have built up" which is around £16000
    Then it gives me a much higher figure  which "assumes i continue to be a member  of the scheme and salary remains the same".

    Im certain its roughly 16kx20 as a par figure + whatever enchancements for leaving early, however a couple of people at work are clinging on to the hope its the higher figure thats quoted at NRA if the stayed in the scheme.

    Anyone please clarify?
  • Brynsam
    Brynsam Posts: 3,643 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 23 May 2020 at 4:15PM
    Thanks for the comments.

    Just to clarify, which figure do i take as a rough figure to calculate my potential CETV?
    My latest statement states "this is the pension you have built up" which is around £16000
    Then it gives me a much higher figure  which "assumes i continue to be a member  of the scheme and salary remains the same".

    Im certain its roughly 16kx20 as a par figure + whatever enchancements for leaving early, however a couple of people at work are clinging on to the hope its the higher figure thats quoted at NRA if the stayed in the scheme.

    Anyone please clarify?
    You may be certain, but I'm afraid you are wrong. It's neither. The 20 x is only used in relation to lifetime allowance calculations. The only way to know your CETV is to request this from the scheme administrators. Bit puzzled you think it is the multiple of 20 when you say in your first post you are expecting a CETV of £500K plus. 16 x 20 = £320K!
  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Thanks for the comments.

    Just to clarify, which figure do i take as a rough figure to calculate my potential CETV?
    My latest statement states "this is the pension you have built up" which is around £16000
    Then it gives me a much higher figure  which "assumes i continue to be a member  of the scheme and salary remains the same".

    Im certain its roughly 16kx20 as a par figure + whatever enchancements for leaving early, however a couple of people at work are clinging on to the hope its the higher figure thats quoted at NRA if the stayed in the scheme.

    Anyone please clarify?
    Sounds like the blind leading the blind... You've requested a CETV so why not wait for that instead of guessing?
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Brynsam said:
    Thanks for the comments.

    Just to clarify, which figure do i take as a rough figure to calculate my potential CETV?
    My latest statement states "this is the pension you have built up" which is around £16000
    Then it gives me a much higher figure  which "assumes i continue to be a member  of the scheme and salary remains the same".

    Im certain its roughly 16kx20 as a par figure + whatever enchancements for leaving early, however a couple of people at work are clinging on to the hope its the higher figure thats quoted at NRA if the stayed in the scheme.

    Anyone please clarify?
    You may be certain, but I'm afraid you are wrong. It's neither. The 20 x is only used in relation to lifetime allowance calculations. The only way to know your CETV is to request this from the scheme administrators. Bit puzzled you think it is the multiple of 20 when you say in your first post you are expecting a CETV of £500K plus. 16 x 20 = £320K!

    Hi, i was (probably incorrectly) assuming as a rough guide that the amount could be worked out as follows, pension earned to date at NRA x 20 was a ball park "par figure" and that the "X" figures people quote, as an example lets say 10k per annum at NRA  would be 200k CETV (IE 20x) but then people will say my CETV is 40x my pension in my example this would be around 400k.

    I know very rough and dependant on a lot of factors,

    I am awaiting a CETV but been a delay i think due to the high amount of employees they are having to provide final statments for.

    H
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Brynsam said:
    Thanks for the comments.

    Just to clarify, which figure do i take as a rough figure to calculate my potential CETV?
    My latest statement states "this is the pension you have built up" which is around £16000
    Then it gives me a much higher figure  which "assumes i continue to be a member  of the scheme and salary remains the same".

    Im certain its roughly 16kx20 as a par figure + whatever enchancements for leaving early, however a couple of people at work are clinging on to the hope its the higher figure thats quoted at NRA if the stayed in the scheme.

    Anyone please clarify?
    You may be certain, but I'm afraid you are wrong. It's neither. The 20 x is only used in relation to lifetime allowance calculations. The only way to know your CETV is to request this from the scheme administrators. Bit puzzled you think it is the multiple of 20 when you say in your first post you are expecting a CETV of £500K plus. 16 x 20 = £320K!

    Hi, i was (probably incorrectly) assuming as a rough guide that the amount could be worked out as follows, pension earned to date at NRA x 20 was a ball park "par figure" and that the "X" figures people quote, as an example lets say 10k per annum at NRA  would be 200k CETV (IE 20x) but then people will say my CETV is 40x my pension in my example this would be around 400k.

    I know very rough and dependant on a lot of factors,

    I am awaiting a CETV but been a delay i think due to the high amount of employees they are having to provide final statments for.

    H
    Also, the reason im expecting 500k + is from people who have allready had the CETVs, and from their built up pension to date divided by CETV is coming in at the 30-40x.


  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Dox said:
    Thanks for the comments.

    Just to clarify, which figure do i take as a rough figure to calculate my potential CETV?
    My latest statement states "this is the pension you have built up" which is around £16000
    Then it gives me a much higher figure  which "assumes i continue to be a member  of the scheme and salary remains the same".

    Im certain its roughly 16kx20 as a par figure + whatever enchancements for leaving early, however a couple of people at work are clinging on to the hope its the higher figure thats quoted at NRA if the stayed in the scheme.

    Anyone please clarify?
    Sounds like the blind leading the blind... You've requested a CETV so why not wait for that instead of guessing?

    Righto Dad.
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
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