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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Teachers Pensions

61 replies

Billybob31 · 14/02/2024 22:58

Has anyone else having difficulty with teachers pensions during a divorce?
I'm waiting for my pension valuation and it's taking months! I've waited 6 months and no sign of a valuation.
Every time I speak to Teachers pensions, they have a different story about why there is a delay. They seem to have stopped providing valuations altogether at the moment. The lady I spoke to today told me she can't give me an estimate of when it could be ready. It could be another 6 months!
It's been very stressful as I need the valuation before I can move forward with the divorce.
Anyone else in a similar position?

OP posts:
converseandjeans · 17/02/2024 23:23

@Billybob31

Surely, that figure is based on what I'm predicted to get if I carry on working till I'm 60/65. As appossed to what's in the pot now!?

It's based on what you would get based on contributions to date. I've been checking TPS website for a while now & it goes up a bit each year. So if you're going to teach another 15 years (which takes you up to 60) then I imagine it would go up another £5k a year?

Obviously you can't cash it in. I think he's unreasonable to start asking for money from you now when it's not something you can even access. Surely a monthly amount once it's being paid is the sensible solution?

Iworkmiricles · 19/02/2024 07:33

I thought I had posted in here, but just to add to your woes, when it is sorted, TPS will need £3k to move or share the pension. You can pay upfront or they will take it from the pension so you get less in the end.

mitogoshi · 19/02/2024 07:38

Same issue - we have opted for me receiving a set percentage each month on retirement

Looksgood · 19/02/2024 07:52

All rough calcs but

If OP is mid 40s she probably entered the pension scheme early enough for pension to be paid at 60.

The 10,000 will be the amount you would get at 60 if you stopped now.

I don't think it will go up anything like 5,000 a year, but something more like another 15,000 should accrue if she works until 65. Or if she has had a rise in wages / time out, a bit more should build up from the current sum.

Ex can't be entitled to your future earnings. So it is about half of the £10,000, balanced off to deduct whatever is left of his own pension.

Back of envelope he might be due 100,000 but that could drop depending on his pension holdings. So whether it's worth you splitting the pension or doing it with equity depends a lot on the overall value of the house and your future plans.

If you split the pension and keep housing security you should have about 25.000 a year from 65, 32.000 from 67 (state pension).

If you're likely to downsize I'd look at doing that now and preserving more pension but ex may well be entitled to less than he thinks, especially if he's assuming a share in the final amount.

MPB8791 · 14/03/2024 12:44

Hello Billybob31, would you be willing to update on your CETV when you do get it? My sister it in a similar situation, so we're trying to gauge how long it is taking for them to arrive. She requested in December, so a bit behind you in the queue!

HLS22 · 26/04/2024 06:10

Hi. Does anyone have any update on whether they have received these?
I would love to know a timescale as requested mine in early Feb.
Thanks

Billybob31 · 26/04/2024 09:27

Hiya. I've been contacting Teachers Pensions regularly and they told me last week that nobody has had a CETV since last October.
There is no timescale or date they can give. It could many more months apparently.
It's very difficult as nothing can happen with my divorce until I have it.

OP posts:
Bewareofthisonetoo · 26/04/2024 09:34

They are an utter shambles. I did -eventually/ get a CETV out of them but they are the most inefficient organisation with no accountability. I sent them a query about increased payments last year and not only did it take them months to apply but they got they got the year wrong.
The CETv ought to just be a case oh putting fine numbers into a formula and getting a number out.

MPB8791 · 26/04/2024 10:32

Bewareofthisonetoo - how long did it take?

Bewareofthisonetoo · 26/04/2024 11:03

It was around 5 months -early last yrar

Bewareofthisonetoo · 26/04/2024 11:05

and because my lawyer and the pensions valued were chasing them cost me more money. The commercial pensions came back within 2days….

AmberKoala · 26/04/2024 11:09

Hi

How long have you been teaching and when did you start contributing?

HLS22 · 26/04/2024 11:55

It’s really stressing me out as I can’t do my remortgage etc without being able to do the consent order. I just don’t understand how there are no options to move things forward without it if my husband isn’t touching my pension.

Billybob31 · 26/04/2024 15:22

It's stressing me out too. I really need to be able to move house, I can't afford the mortgage on my own. But I can't sell because we can't agree on the financial split with out the CETV.
It doesn't seem fair at all. I've been waiting for 6 months already.
They won't give me any idea of a timescale.
They said they are waiting for an agreement with the government.

It's a total shambles.

OP posts:
Billybob31 · 26/04/2024 15:23

AmberKoala · 26/04/2024 11:09

Hi

How long have you been teaching and when did you start contributing?

I've been teaching since 2007 and have worked full and part time during that time.

OP posts:
Iworkmiricles · 28/04/2024 20:49

Don't forget to check your contributions, because every member of the TPS with my employer has a significant number of "days out" meaning no contribution recorded. These were the same days for everyone when we were all working. Could be tps, could be employer, but I'd be interested to know if others have some missing

GrannyB123 · 13/05/2024 16:11

my daughter requested her CETV a year ago. has made numerous calls and formal complaint but to no avail. today they told her nothings being done as they are waiting for a third party to tell them how to do the calculations. its having a huge impact on the health and wellbeing of our little family, and additional financial strain on us as OAPs. all trapped in a horrible situation indefinitely . im very worried for them...

Bewareofthisonetoo · 13/05/2024 18:32

GrannyB123 · 13/05/2024 16:11

my daughter requested her CETV a year ago. has made numerous calls and formal complaint but to no avail. today they told her nothings being done as they are waiting for a third party to tell them how to do the calculations. its having a huge impact on the health and wellbeing of our little family, and additional financial strain on us as OAPs. all trapped in a horrible situation indefinitely . im very worried for them...

This is just appalling? What on earth are they doing all day??????

SeulementUneFois · 13/05/2024 18:44

OP
Extremely rough approximation just to give you an idea (disclaimer - not a pension actuary):

  • take the amount of pension per annum they're telling you today (so that would be based on your service to date, no future service).
  • get the annuity rates from commercial providers. That would be the inverse of your pension - so say if someone had a pot of 1 million at retirement, and an annuity provider would give them 40k pa - that would be an annuity rate of 4%. (Have no idea what the annuity rates are ATM in the UK.)
  • multiply the 2, plus add any lump sum that's on top of item 1.

NB/ Caveat / Caveat: this ignores any inflation (both sides of retirement so somewhat offsetting) - so it's very very rough

socialdilemmawhattodo · 13/05/2024 19:11

converseandjeans · 17/02/2024 23:23

@Billybob31

Surely, that figure is based on what I'm predicted to get if I carry on working till I'm 60/65. As appossed to what's in the pot now!?

It's based on what you would get based on contributions to date. I've been checking TPS website for a while now & it goes up a bit each year. So if you're going to teach another 15 years (which takes you up to 60) then I imagine it would go up another £5k a year?

Obviously you can't cash it in. I think he's unreasonable to start asking for money from you now when it's not something you can even access. Surely a monthly amount once it's being paid is the sensible solution?

Not for a clean break. Just need a CETV (as in any pensions sharing) but that sounds as if that is where the delay is.

HLS22 · 13/05/2024 19:36

I just don’t understand it all and how there can be no solution at all. No other company would be able to get away with there being no plan in place. The impact must be huge. I’ve done the same, complaints with no responses and just nothing.

MPB8791 · 21/05/2024 22:23

My sister has now written to her MP to ask for support. May come to nothing, or may be worth others doing the same? Over 6 months wait now.

MPB8791 · 04/06/2024 20:01

My sister received her CETV today. Her MP did respond and make her own enquiries, so that may have helped. She requested it in December.

GrannyB123 · 05/06/2024 19:28

Pleased for your sister and it's good her MP supported. Our MP hasn't even replied and probably unlikely to now with the election called. 12 months waiting for CETV in order to move forward with divorce...it's tough enough anyway without this delay on top

GrannyB123 · 20/06/2024 12:07

Theres a new update on the TPA website relating to the delay in processing CETVs

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