How long should I wait for a CEV

gammyleg

Thanks for all the advice. Seems that a transfer out anytime soon would be a bad idea. As I said, I'm not looking at anything in the short term so best left alone until I need it.
Perhaps should have mentioned that the DB pension has had no inputs since 2000 when I left the company.

Marcon

gammyleg said:

Thanks for all the advice. Seems that a transfer out anytime soon would be a bad idea. As I said, I'm not looking at anything in the short term so best left alone until I need it.
Perhaps should have mentioned that the DB pension has had no inputs since 2000 when I left the company.

It has - from the employer. Your pension will have been steadily increasing in value, whatever the CETV has been doing.

hyubh

QrizB said:

gammyleg said:

QrizB said:

gammyleg said:

Thanks for the reply. I will get onto them directly quoting the 3 month requirement.
I'm not think of transferring out just yet, I just want to know roughly what it's worth. Looking at maybe 2 or 3 years before I seriously consider it.

Be aware that CETVs vary over time, sometimes quite substantially.

If you had a quote three years ago, the value today could be half as much.

I'm hoping that is not the case. My DC pension value almost doubled over that time period but I've had to give half of that one away as part of my divorce settlement. I managed to hold onto my DB pension in the belief it was the better option. We shall see.

In 2019 your CETV was £164k, forecast to pay out £5k pa??

https://forums.moneysavingexpert.com/discussion/comment/76067220/#Comment_76067220

Depending on exactly how it's index-linked, a £5k pension might be worth around £100k today.

This is neither constructive nor providing new info, but - yowza! The difference in CETVs between the fully index linked LGPS pensions of the ex-spouse vs. the possibly capped (and lower in the first place) DB pension of the OP - yet it's the OP's DC pension that is shared. I hope keeping other assets was worth it... 

gammyleg

Well it's now July 2024 and still no sign of a CETV. Apparently the 3 month rule only applies to DC pension requests, not DB.

Marcon

gammyleg said:

Well it's now July 2024 and still no sign of a CETV. Apparently the 3 month rule only applies to DC pension requests, not DB.

If you have a statutory entitlement to transfer out (normally means you have at least one year to go before reaching the scheme's normal retirement age), then the statutory requirement is to supply the CETV within 3 months of the request.

There are circumstances where this period can be extended, so if you've not been sent one, ask the scheme why not. They should have finished reviewing the factors by now!

gammyleg

Well, 18 months after my initial request, it has finally arrived. Final estimate is not as bad as I expected. £173k.
Now, should I stay or should I go?

FIREDreamer

gammyleg said:

Well, 18 months after my initial request, it has finally arrived. Final estimate is not as bad as I expected. £173k.
Now, should I stay or should I go?

How old are you and how much is the pension now?

Dazed_and_C0nfused

FIREDreamer said:

gammyleg said:

Well, 18 months after my initial request, it has finally arrived. Final estimate is not as bad as I expected. £173k.
Now, should I stay or should I go?

How old are you and how much is the pension now?

The op has started a new thread relating to the next steps,

https://forums.moneysavingexpert.com/discussion/6545295/options-for-db-pension-upon-retirement