NHS Pension Valuation

SteveVy

Hi Folks,

Any rough idea what a NHS Hospital Pension would be worth for someone working for 20 years employeed as a Pharmacist at band 7 / 8 ?

I just need to know very roughly for example would it be over £100,00? £300,00?

saucer

Those are wide parameters. Can’t you use the calculators on the NHS pension website, with more specific numbers? https://www.nhsbsa.nhs.uk/nhs-pensions

Flugelhorn

tricky - guess it depends which sections of the scheme you were in, also what you mean by "worth" as you can't take the money out.. also it would be a case of what is it worth NOW (when you may not be able to get it) or what would it be at early retirement age, normal retirement age etc

there is a calculation that is made when it came to things like LTAs - I was in the 1995 scheme and it was 20 x annual pension + the lump sum (so 23 times the pension usually) 

there are valuation calculations done if needed for divorce settlements

they used to state the required value of an annuity to buy an equivalent pension but they stopped that years back. 

SteveVy

looking for the CETV value , I am asking as I am going through a divorce and my ex wife did not include any details of her pensions...she started working for NHS in 2012 and continues to do so. I just want a very rough estimate

Flugelhorn

can't see any calculators for NHS CETV - probably complicated, why not ask her what value she has been quoted (or if she has remembered to get the CETV)

SteveVy

She is saying it will take her 3 months to get the information! she has known since March 2023 and not bothered to maek the request

Flugelhorn

It does take ages (I think 3 months is standard, 6 weeks if already taking pension or you pay a fee) , I know that they stopped taking requests earlier in the year as the factors required for the calculations were going to change, unfortunately that will probably lead to a backlog 

Silvertabby

A divorce CETV is just about the most complicated calculation in the world of DB pensions.  It's not just an actual figure - it's a combination of figures, as required by the  divorce Form E.

It's impossible to DIY it, it must be supplied by the pension provider.  Back in my day (pre Covid) the LGPS aimed to get the figures out in 8 weeks, so 3 months now doesn't seem unreasonable  - assuming that she has now  actually requested the figures?

Marcon

SteveVy said:

looking for the CETV value , I am asking as I am going through a divorce and my ex wife did not include any details of her pensions...she started working for NHS in 2012 and continues to do so. I just want a very rough estimate

It'll need to be a formal CETV prepared by the scheme and your wife will need to specifically request it for divorce purposes. It has to be provided within 3 months, but there is likely to be a queue for the reason outlined by Flugelhorn. Unfortunately there's no way round it other than waiting.

SteveVy

Thanks for the replies not the information I was hoping for! it feels like the worlds longest divorce its been going on since March 2023 and we have very limited assets and no children!

xylophone

It would appear that even if your wife had requested a CETV for divorce back in March there would have been a delay - see

https://www.nhsbsa.nhs.uk/temporary-suspension-cash-equivalent-transfer-value-cetv-calculations

See also

https://www.nhsbsa.nhs.uk/sites/default/files/2019-07/POD-TV74 –%20Guide%20to%20pensions%20and%20divorce%20or%20dissolution%20of%20a%20registered%20civil%20partnership-20190710-%28V10%29.pdf