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Transfer Final salary questions.

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135

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  • hyubh
    hyubh Posts: 3,722 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
    It's a layperson's term that has nothing to do with how the CETV is actually calculated.
  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
    Why not ask them to (ahem) avoid any confusion...?
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    hyubh said:
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
    It's a layperson's term that has nothing to do with how the CETV is actually calculated.
    I understand it's a complex calculation based on many different factors, I get it, but can you tell me 30x what?
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Dox said:
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
    Why not ask them to (ahem) avoid any confusion...?
    Ask who?

    Look, I've got a CETV being worked on, I'm a curious person and would like to know when the many people say I got 30 X 40x etc what is the factor they use, 30 X what?
  • JoeCrystal
    JoeCrystal Posts: 3,317 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Look, I've got a CETV being worked on, I'm a curious person and would like to know when the many people say I got 30 X 40x etc what is the factor they use, 30 X what?
    The factor is based on the annual pension multiples of the CETV itself. For example, if I was in a DB pension scheme and accrued £6,000 pension to be paid by 68 and I requested the CETV from the administrator. They might calculate it based entirely on their own rules and factors in which no scheme is precisely the same. It might be £90,000, which is 15 x the annual pension or £180,000, which is 30 x the annual pension.

    I hope this makes sense now. 
  • Dox
    Dox Posts: 3,116 Forumite
    1,000 Posts Third Anniversary Name Dropper
    edited 23 May 2020 at 6:08PM
    Dox said:
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
    Why not ask them to (ahem) avoid any confusion...?
    Ask who?

    Look, I've got a CETV being worked on, I'm a curious person and would like to know when the many people say I got 30 X 40x etc what is the factor they use, 30 X what?
    Your colleagues, which is where you got this figure from, according to your first post: I work for a well knownish UK company who froze the pension scheme at the end of last year, many people have allready transfered or are in the process of doing so, due to the generous enhanced value, (between 30-40x) no idea why the values  vary, the younger guys seem to be getting the higher amounts.

    Otherwise who knows what people think they are basing their 30x mutiple on? Simple arithmetic seems beyond a lot of them...
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Dox said:
    Dox said:
    Ok, looking at it from another point if view, when someone says"I got a CETV of 30x" 

    30x what?
    Why not ask them to (ahem) avoid any confusion...?
    Ask who?

    Look, I've got a CETV being worked on, I'm a curious person and would like to know when the many people say I got 30 X 40x etc what is the factor they use, 30 X what?
    Your colleagues, which is where you got this figure from, according to your first post: I work for a well knownish UK company who froze the pension scheme at the end of last year, many people have allready transfered or are in the process of doing so, due to the generous enhanced value, (between 30-40x) no idea why the values  vary, the younger guys seem to be getting the higher amounts.

    Otherwise who knows what people think they are basing their 30x mutiple on? Simple arithmetic seems beyond a lot of them...
    I was also referring to the multitude of posts on here where people refer to a figure of 30x 40x, looks like a post above yours answered the question, ie deferred pension.
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Look, I've got a CETV being worked on, I'm a curious person and would like to know when the many people say I got 30 X 40x etc what is the factor they use, 30 X what?
    The factor is based on the annual pension multiples of the CETV itself. For example, if I was in a DB pension scheme and accrued £6,000 pension to be paid by 68 and I requested the CETV from the administrator. They might calculate it based entirely on their own rules and factors in which no scheme is precisely the same. It might be £90,000, which is 15 x the annual pension or £180,000, which is 30 x the annual pension.

    I hope this makes sense now. 
    Yes, makes sense,maybe I didn't word the question correctly, I wasn't asking how they come up with the amounts they do, but what figure is used in the calculation, the accrued amount when I left the pension, (16k) or the projected at 67 if I had stayed in the scheme.
    Thanks
  • Heisenberg01
    Heisenberg01 Posts: 112 Forumite
    Fifth Anniversary 10 Posts
    Got my CETV finally end of last week, bit under what I was expecting,448k versus 16k (ish) at 60.

    Still can't make up my mind!
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