CETV for Divorce purposes

angelinamay

Marcon said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

OP - assuming you aren't posting under two names, you are not alone! Posted by linclass earlier today https://forums.moneysavingexpert.com/discussion/6198259/cetv-for-divorce/p1

'Just add my two pennoth, I've just called my last employer, Civil Aviation Authority, and for divorce purposes, they charge £1,000 to provide a CETV if already retired. As if some pensioners aren't bashed already !!!'

Hi Marcon, I don't understand WHY the old account (lincslass?) is still logging me in, I'm angelinamay. Honest!  Yes, both these are me,

Silvertabby

Yes, a CETV (specifically for divorce purposes) is needed even if the pension is in payment.  A PSO, if awarded, will transfer the alloted value to a pension account in the recpient's name.

A divorce CETV is one of the most complicated (ie, time consuming and therefore expensive) calculations in the world of DB pensions. It's not just a figure - it's a full A4 sheet of data (Form E).    More so when done when the pension is in payment.  £1K is by no means excessive.  

Note:  £1K is for the valuation.  Should a PSO be awarded, then there will almost certainly be a further fee to split the benefits.

Harking back to my LGPS days, we shovelled out divorce CETVs - but barely 10% actually progressed to PSOs.  Presumably because the CETV amount was seen as just another marital asset, and the would-be recipient accepted something else instead of the pension.  ie, all the house instead of half the house and half the pension (very rough example!)

dunstonh

angelinamay said:

dunstonh said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

Technically, you are not getting a CETV in the conventional sense.   You are requesting a highly complex calculation to be carried out, where specialists will be required to do the work for that.     (I am assuming this is a DB pension based on the wording you have used).

Effectively you are paying for the work you are creating.

However, you may wish to query why the mediator is asking for it at this stage.   Maybe they believe that the pension is not yet in payment?  (CETVs for pensions not yet in payment are usually free for the first one in the year).   

With a scheme pension already in place, there is no monetary value of this scheme (i.e. no pot like a DC pension).  The value is the income being paid.     Your options are typically:
1) an agreement on sharing assets amicably.   You don't have to share the pension explicitly. 
2) pension offsetting  
3) pension sharing order 
4) deferred pension sharing (which seems to be the route your mediator is suggesting and is the most complex of the options)

Have the other options been considered? - if not, then looking at those could reduce your costs.  

Well I'm not interested in pension sharing, my pension isn't that much, and the husbands is a final wage pension.  All I want is half the value of the house so that I can move into a property I can manage.

In which case, going for a calculation now is likely to an unnecessary cost.  If an agreement of the share of assets can be made between you, then you don't have to worry about getting any of this.

Marcon

dunstonh said:

angelinamay said:

dunstonh said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

Technically, you are not getting a CETV in the conventional sense.   You are requesting a highly complex calculation to be carried out, where specialists will be required to do the work for that.     (I am assuming this is a DB pension based on the wording you have used).

Effectively you are paying for the work you are creating.

However, you may wish to query why the mediator is asking for it at this stage.   Maybe they believe that the pension is not yet in payment?  (CETVs for pensions not yet in payment are usually free for the first one in the year).   

With a scheme pension already in place, there is no monetary value of this scheme (i.e. no pot like a DC pension).  The value is the income being paid.     Your options are typically:
1) an agreement on sharing assets amicably.   You don't have to share the pension explicitly. 
2) pension offsetting  
3) pension sharing order 
4) deferred pension sharing (which seems to be the route your mediator is suggesting and is the most complex of the options)

Have the other options been considered? - if not, then looking at those could reduce your costs.  

Well I'm not interested in pension sharing, my pension isn't that much, and the husbands is a final wage pension.  All I want is half the value of the house so that I can move into a property I can manage.

In which case, going for a calculation now is likely to an unnecessary cost.  If an agreement of the share of assets can be made between you, then you don't have to worry about getting any of this.

If you look at OP's previous posts, I'm not sure that 'agreement', especially in relation to the house, is going to be that easy...

dunstonh

Marcon said:

dunstonh said:

angelinamay said:

dunstonh said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

Technically, you are not getting a CETV in the conventional sense.   You are requesting a highly complex calculation to be carried out, where specialists will be required to do the work for that.     (I am assuming this is a DB pension based on the wording you have used).

Effectively you are paying for the work you are creating.

However, you may wish to query why the mediator is asking for it at this stage.   Maybe they believe that the pension is not yet in payment?  (CETVs for pensions not yet in payment are usually free for the first one in the year).   

With a scheme pension already in place, there is no monetary value of this scheme (i.e. no pot like a DC pension).  The value is the income being paid.     Your options are typically:
1) an agreement on sharing assets amicably.   You don't have to share the pension explicitly. 
2) pension offsetting  
3) pension sharing order 
4) deferred pension sharing (which seems to be the route your mediator is suggesting and is the most complex of the options)

Have the other options been considered? - if not, then looking at those could reduce your costs.  

Well I'm not interested in pension sharing, my pension isn't that much, and the husbands is a final wage pension.  All I want is half the value of the house so that I can move into a property I can manage.

In which case, going for a calculation now is likely to an unnecessary cost.  If an agreement of the share of assets can be made between you, then you don't have to worry about getting any of this.

If you look at OP's previous posts, I'm not sure that 'agreement', especially in relation to the house, is going to be that easy...

I have only read this thread.  Not the other.    And, ironically, you replied on that thread too mentioning ANOTHER thread on the same subject.   

Would have been helpful to keep on the same thread and context can change the answers.

Marcon

dunstonh said:

Marcon said:

dunstonh said:

angelinamay said:

dunstonh said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

Technically, you are not getting a CETV in the conventional sense.   You are requesting a highly complex calculation to be carried out, where specialists will be required to do the work for that.     (I am assuming this is a DB pension based on the wording you have used).

Effectively you are paying for the work you are creating.

However, you may wish to query why the mediator is asking for it at this stage.   Maybe they believe that the pension is not yet in payment?  (CETVs for pensions not yet in payment are usually free for the first one in the year).   

With a scheme pension already in place, there is no monetary value of this scheme (i.e. no pot like a DC pension).  The value is the income being paid.     Your options are typically:
1) an agreement on sharing assets amicably.   You don't have to share the pension explicitly. 
2) pension offsetting  
3) pension sharing order 
4) deferred pension sharing (which seems to be the route your mediator is suggesting and is the most complex of the options)

Have the other options been considered? - if not, then looking at those could reduce your costs.  

Well I'm not interested in pension sharing, my pension isn't that much, and the husbands is a final wage pension.  All I want is half the value of the house so that I can move into a property I can manage.

In which case, going for a calculation now is likely to an unnecessary cost.  If an agreement of the share of assets can be made between you, then you don't have to worry about getting any of this.

If you look at OP's previous posts, I'm not sure that 'agreement', especially in relation to the house, is going to be that easy...

I have only read this thread.  Not the other.    And, ironically, you replied on that thread too mentioning ANOTHER thread on the same subject.   

Would have been helpful to keep on the same thread and context can change the answers.

If they appear under different names for the person posting, that can be tricky...

Pat38493

Marcon said:

dunstonh said:

Marcon said:

dunstonh said:

angelinamay said:

dunstonh said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

Technically, you are not getting a CETV in the conventional sense.   You are requesting a highly complex calculation to be carried out, where specialists will be required to do the work for that.     (I am assuming this is a DB pension based on the wording you have used).

Effectively you are paying for the work you are creating.

However, you may wish to query why the mediator is asking for it at this stage.   Maybe they believe that the pension is not yet in payment?  (CETVs for pensions not yet in payment are usually free for the first one in the year).   

With a scheme pension already in place, there is no monetary value of this scheme (i.e. no pot like a DC pension).  The value is the income being paid.     Your options are typically:
1) an agreement on sharing assets amicably.   You don't have to share the pension explicitly. 
2) pension offsetting  
3) pension sharing order 
4) deferred pension sharing (which seems to be the route your mediator is suggesting and is the most complex of the options)

Have the other options been considered? - if not, then looking at those could reduce your costs.  

Well I'm not interested in pension sharing, my pension isn't that much, and the husbands is a final wage pension.  All I want is half the value of the house so that I can move into a property I can manage.

In which case, going for a calculation now is likely to an unnecessary cost.  If an agreement of the share of assets can be made between you, then you don't have to worry about getting any of this.

If you look at OP's previous posts, I'm not sure that 'agreement', especially in relation to the house, is going to be that easy...

I have only read this thread.  Not the other.    And, ironically, you replied on that thread too mentioning ANOTHER thread on the same subject.   

Would have been helpful to keep on the same thread and context can change the answers.

If they appear under different names for the person posting, that can be tricky...

I don't know about this one but most forums have a rule that you are not allowed to post under 2 different usernames.

xylophone

If you look at OP's previous posts, I'm not sure that 'agreement', especially in relation to the house, is going to be that easy...

In terms of what she said about her will, one hopes that she has now changed from joint tenants to tenants in common of the marital home.

https://www.gov.uk/joint-property-ownership

angelinamay

Pat38493 said:

Marcon said:

dunstonh said:

Marcon said:

dunstonh said:

angelinamay said:

dunstonh said:

angelinamay said:

Hey all

I'm in receipt of my workplace pension and have been for some years. It's not a masstive pension.  I'm going through mediation with husband, and the mediator suggested we need to obtain the CETV from last employer.  Well, I phoned them today and COULD NOT BELIEVE how much they will charge me for this service?  £200, ok, painful but affordable. But £1,000????  Apparently they charge this much because I've already retired and in receipt of it.  Anyone else been poleaxed in this way??

Technically, you are not getting a CETV in the conventional sense.   You are requesting a highly complex calculation to be carried out, where specialists will be required to do the work for that.     (I am assuming this is a DB pension based on the wording you have used).

Effectively you are paying for the work you are creating.

However, you may wish to query why the mediator is asking for it at this stage.   Maybe they believe that the pension is not yet in payment?  (CETVs for pensions not yet in payment are usually free for the first one in the year).   

With a scheme pension already in place, there is no monetary value of this scheme (i.e. no pot like a DC pension).  The value is the income being paid.     Your options are typically:
1) an agreement on sharing assets amicably.   You don't have to share the pension explicitly. 
2) pension offsetting  
3) pension sharing order 
4) deferred pension sharing (which seems to be the route your mediator is suggesting and is the most complex of the options)

Have the other options been considered? - if not, then looking at those could reduce your costs.  

Well I'm not interested in pension sharing, my pension isn't that much, and the husbands is a final wage pension.  All I want is half the value of the house so that I can move into a property I can manage.

In which case, going for a calculation now is likely to an unnecessary cost.  If an agreement of the share of assets can be made between you, then you don't have to worry about getting any of this.

If you look at OP's previous posts, I'm not sure that 'agreement', especially in relation to the house, is going to be that easy...

I have only read this thread.  Not the other.    And, ironically, you replied on that thread too mentioning ANOTHER thread on the same subject.   

Would have been helpful to keep on the same thread and context can change the answers.

If they appear under different names for the person posting, that can be tricky...

I don't know about this one but most forums have a rule that you are not allowed to post under 2 different usernames.

That wasn't my intention, but I've just found HOW that happened, I WAS Lincslass, and when I posted earlier using my mobile, it was THAT account that was used.  I'll make a note to myself... DON'T. USE. MOBILE. TO POST !!!

angelinamay

Hi all,  I've just discovered something - I was told to enquire re a CETV (costing £1,000) but hbusband was told to obtain his end-of-year statement (costing nothing), and CETV wasn't mentioned to him!  Any adea why? I don't want to pension share, only my share of the house.  Thank you