CETV figure timeline question

trevjl

A quick question on CETV for a relative

I think I have read on quite a few occasions and am I right in thinking the valuation is valid for 3 months.

If so, and the + advice is obtained and the transfer paperwork submitted to the administrator, is this the date ?

ie, + advice received 3 weeks ago. Valuation obtained last week (second one, reduced by 11K since first one, 6 months ago), Forms submitted this week. If the admin takes months to sort it out, can the valuation run out again even if it their fault it is taking so long ?

Albermarle

Presume you received a positive recommendation to transfer ?

trevjl

Albermarle said:

Presume you received a positive recommendation to transfer ?

Yes he has

Tommyjw

They will need certain forms by the three months from guarantee date (e.g. 5 August If they calculated it today).

It won't be all forms, it's generally your acceptance form plus evidence of financial advice. If for example they receive this on month 2 and 29 days  that's fine, they received it, your transfer value is secured even if it takes them weeks to actually review it. They have it, easy.

Other documents such as forms the scheme you intend to transfer to may need to complete can be received after 3 months, they don't have to be there by then, as long as the above documents are.

A transfer value has to be paid within 6 months of the calculation , so in the above example, 6 months from now, 3 months on from the guarantee end date of 5 August, so 5 November.

If the transfer takes more than 6 months e.g. if the administration is very slow your pension scheme may need to do certain calculations to increase it, but this depends on a number of factors including if they asked the regulstor to extend 6 months, whos fault it is, at worst it will be the original value, it cannot go down.