Right, so I have my annual pension statement in front of me (teachers one, if it helps anyone make head or tail of what I''m talking about)
Is any of these a CETV value? Coz I haven''t the faintest idea, I never paid much attention to what the figures were on my pension, just made sure dates and salaries etc were correct.
Annual pension: 4,352
Standard retirement lump sum: 13, 056
Death in service grant: 124 226
And then I have a load more figures for current and future state pensions, but that''s just for my info, right? That''s nothing to do with my personal pension?
And Im 33, and as current rules go can''t retire til I''m 68. So do these figures mean a prediction of what I''d get if I retired without paying anything more in, or are they a prediction of what I''d get if I continue paying in as I am? (cheeky question that, it has nothing to do with the divorce, just something I''ve always wondered )
Livinginhope is correct. The figures are what you have already accrued and if you stopped paying into the fund what you would receive on retirement.
To give you a basis understanding of approx what your pension is actually worth in money terms. It would take £25k in a money purchase scheme to get £1k a year on retirement and that doesnt include the lump sum or spousal benefit.
Ok, thanks. There was me thinking the annual statements I usually ignore might have finally come in use!
So, if my annual is approx £4000, then the CETV is gonna be approx 4x £25 000, so £100 000? Wow, that''s a lot! Well, I suppose it''s all relative, doesn''t mean anything til I know what my stbx is. Better get on the phone tomorrow and order a CETV then.
Hi, CETVs for public sector pensions bare no resemblance to market annuity rates. The CETV will depend on what age you are as well as the amount of accrued pension you have built up. You are entitled to request 1 CETV free of charge in any 12 month period so don''t just rush out and get a CETV before it is needed as you may end up having to get a more up to date on inside 12 months which will cost you.
Oh, thank-you, I didn''t know that. I''m filling in my form E now, so think I need it now? But it isn''t going to court....yet...but if I don''t have a CETV, then how do we begin negotiating? As I''d expect my stbx to have something demonstrating what his pensions are worth - he,s got 3.
Seriously, this pension bit is the hardest part of the finances to get my head around, I never really thought about pensions much before, comes out my wages before I''ve even seen the money and is more than half a life time away yet. I never even considered them an asset that needed "splitting" or counted for anything before seeing a solisitor. Seriously, I valued my tv over my pension! I must sound so dumb not realising how much pensions are worth.
The only way to get a valuation is to contact the pension provider, there are many calculations out there that claim to give you an idea, most are a million miles off the mark, leave to those that actually know, the trustees.