Teachers pension, how much did it cost to put you on his pension

[whymewhyme]

Hi,

Just looking for info really,
How much did it cost you to put your name on to his/ hers teachers pension? I don't have a exact figure yet but he said it was 77k if thats makes any difference. I've read it can cost anywhere between 2- 6k which is astronomical!

Also, did you have to have a finically advisor to put your share into a seperate pension.

My solicitor just sent me a draft email and now I have all sorts of questions and hey are closed.

Im feeling stressed its all too much for me atm and all I can think of how much its all costing. Arghhhhh!!!

We have no assets other than the money fron the house sale which has been held with a solicitor for nearly 2yrs.

He suggested a have a 40% of pension and I have agreed i just want it done with now, he has been and still is horrible.

He will provide the evidence when he submits his Form E - a copy of the CETV will need to be attached - he can't just quote a random figure.

The house sale money held in solicitors is an asset. Have you reached agreement on that? And how if you’ve not included the pensions as well currently

while not directly your original question it’s difficult to advise where you should pick your battles without understanding the overall context of whether you work, have children, have taken time out etc, or whether it’s worth spending money on getting proper pensions valuations

Unfortunately the “value” is far lower than it’s actually worth in my personal experience (USS not teachers) so I took a percentage and left it in the scheme under my own name. Definitely got a better deal this way. I paid just under £500 in fees and him the same to sort it out this way, took about 8 months, but we legally divorced and sorted it later for practical reasons, i actually did better out of the settlement keeping our finances attached 2 extra years

It doesn't work like that with the Teachers Pension Scheme. You aren't allowed cash withdrawal. You get a % paid to you when the pension starts to be paid out.

There is no way that an actuary CETV (given no pot) valuation given the income and length of service would come up with 77k valuation. No wonder he’s delaying submitting CETV. My STBEX civil service career average pension with an average of under 60k over 5 years is higher than that.

Also pension sharing administration costs are paid by thel pension holder or at worst are shared by both parties.

Is 77k the lump sum payment bracketing annual pension on retirement as this would make more financial sense?

You need full financial disclosure to progress. He needs to share CETV. Don’t agree to a share before you know what you are sharing. Unless he offsets it should be 50:50 of total pension assets.

I’ve acted on several divorce cases involving pension sharing in respect of a teachers’ pension.

Thanks for all the advice, I feel overwhelmed but greatful.

My solicitor has sent and email clearing a few things up and requested proof of the cetv ect. So we will see...

He is a slippery character, he has told his solicitor he wants me ti pay half of the finacial order

Maybe he has a university pension if he was a lecturer? Check as you may have to chase 2 separate schemes. Or was he a lecturer in a Six Form College eg when he would have been in the Teachers' scheme? Also was he ever a teacher in eg Scotland etc as they used to have a separate teacher pension scheme.

It’s quite usual to pay half of the financial order costs ? That in itself doesn’t make him
slippery ……

If he was a LSA and a lecturer I don’t think that would be a TPS pension, wouldn’t it be a local government one (so still good, but quite different)? Check who his pension is with.

Not a teachers pension but ex had armed forces and local authority . We paid around &2500 for a pensions expert to tell us what transfer would mean our imcome was equal at statutory retirement age. The actual ensuing sharing will cost around &800 each.

My solicitor told me that it was unusual to split the cost of a financial order and advised against it.

He worked at a local college,not in Scotland. I'm waiting now to hear what his solicitor come back with.

Well it’s certainly not uncommon to split the costs. I’m not saying you have to agree and obviously you should work with your legal team. But him asking does not make him shifty ( he might be for other reasons )

has your solicitor given guidance as to what overall % split of assets looks like

We split all costs 50 50

I have some knowledge on this.

I am a teacher divorcing a teacher, and have a close colleague who did the same thing about 5 years ago.

1. If he is in the Teacher Pension, the CETV amount hr is suggesting is very low and unlikely to be correct. Based on my own andmy husbands CETV, and your husband length of service, I would expect his to be at least double what he is stating.

1. You can't withdraw any funds from the TPS before retirement, but it is s very straightforward process to get a proportion of his pension transferred to you immediately. You will be subject to the same retirement dates as on the policy but will then receive his pension direct to you.

The only value of a CETV for teachers is for if they decide to give you the cash equivalent to save you from claiming their pension. But the teachers pension is a good one so I advise to ask for the pension itself rather than a cash equivalent

1. There was a lot in the news over the last few years about delays in teachers receiving their CETVs. Those delays are now resolved, so if he suggests its not worth applying/won't arrive in time, or if he has used a different method to calculate his CETV then dont accept that. Ask for proof that he has received or applied for the TPS CETV

Whether you go for an earmarking order or a pension sharing order they still don't allow you to transfer the money out of the TPS. They can buy you out if they have the cash but the pension isn't available until they retire or reach retirement age.

He didn't contribute to the initial divorce application if £600,i paid that so I am declining to contribute to his legal fees

When i declined he has tried to bully me into paying or he said he would go back on the agreement.

Which is 50% of the house sale and it have said I will accept 40% of his pension

It seem that teachers pension signs are extremely complex