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    • joncrel
    • By joncrel 7th Aug 18, 2:45 PM
    • 12Posts
    • 2Thanks
    joncrel
    High costs of obtaining a CETV
    • #1
    • 7th Aug 18, 2:45 PM
    High costs of obtaining a CETV 7th Aug 18 at 2:45 PM
    I recently requested a CETV from my pension provider (defined benefit-final salary). I am past retirement age but I have not drawn my pension yet. I was surprised to be asked a substantial fee to get the CETV figure (184+VAT) and told I would be charged 2500+VAT admin fee for splitting the fund to provide for my former wife. Is this usual practice??
Page 1
    • Tom99
    • By Tom99 7th Aug 18, 3:40 PM
    • 3,636 Posts
    • 2,550 Thanks
    Tom99
    • #2
    • 7th Aug 18, 3:40 PM
    • #2
    • 7th Aug 18, 3:40 PM
    Yes it's usual and they will probably charge another 184 if you need an updated figure.
    • Dox
    • By Dox 7th Aug 18, 4:06 PM
    • 1,202 Posts
    • 912 Thanks
    Dox
    • #3
    • 7th Aug 18, 4:06 PM
    • #3
    • 7th Aug 18, 4:06 PM
    Yes - and those aren't especially high figures. It is likely there will be a significant amount of specialist manual input given you are past retirement age. It isn't an automated calculation.
    • dunstonh
    • By dunstonh 7th Aug 18, 4:17 PM
    • 97,034 Posts
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    dunstonh
    • #4
    • 7th Aug 18, 4:17 PM
    • #4
    • 7th Aug 18, 4:17 PM
    If you dont pay the costs, then that means the scheme would have to pay it would in turns means the members would either have to pay more in or the employer would (which in turn means higher prices on what they sell or lower wages to their employees).

    The figures seem in the ballpark and reasonable for the work being carried out. Normally, you are not charged on your first CETV. Have you made earlier requests?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • joncrel
    • By joncrel 7th Aug 18, 4:23 PM
    • 12 Posts
    • 2 Thanks
    joncrel
    • #5
    • 7th Aug 18, 4:23 PM
    • #5
    • 7th Aug 18, 4:23 PM
    No its my first request.
    • Dox
    • By Dox 7th Aug 18, 5:07 PM
    • 1,202 Posts
    • 912 Thanks
    Dox
    • #6
    • 7th Aug 18, 5:07 PM
    • #6
    • 7th Aug 18, 5:07 PM
    Normally, you are not charged on your first CETV. Have you made earlier requests?
    Originally posted by dunstonh
    It's a non-statutory CETV because OP is beyond the scheme's normal retirement age - so a charge is to be expected.
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