Hi, good video as ever my DB scheme is administered by one of the companies you mentioned in your summation. I am sure they have quoted me higher than £300 for a second CETV within a 12 month period. They also gave me totally wrong information on one illustration the other year ref final pensionable amount, as when i received an illustration the numbers had gone down close to a previous years numbers and when I called querying they just said we worked it out wrong! I have a CETV value that is about 22 times my pension if no tax free amount taken. I feel that with my other pensions converting my DB into a DC scheme will allow me to leave funds for my wife and children better than just the wife’s pension as it stands. And as a smoker she may not survive me anyway
Unfortunately, many of the UK ceding DB schemes are woeful in their levels of customer service, in my professional opinion. What is the rough value of the CETV? If you o prefer to message privately you can drop me an email on dominic.murray@cjfinance.co.uk Will be happy to review your transfer rationale and let you know if I think you stand a good chance of achieving a positive transfer. Cheers Dominic James Murray
Brief update, just been into F advisor and checked numbers. CETV £154K max pension £9.7K yr or 47K lump sum and pension just under £7K Highly unlikely to pass FSA guidelines ref good advice to move it out as retire under this scheme feb 2025. I will have this plus full state scheme from Feb 26 and over £200K now in my DC schemes. A UK resident no plans on changing that status. I’ll be ok
@@guyr7351 yeah it sounds like the scheme is making up towards 30-50% of your available retirement funds. As such, unless you have very strong rationale for needing to release the capital from a DB scheme, I think an authorised PTS would likely turn this transfer request down. As ultimately, this pension pot forms an important part of your retirement plan, which you would likely be dependent on. Any other questions?
Dominic sterling job mate thank you . I have a quick question about my final salary pension. I've been told I can't draw out until I retire which is in 3 years. I have been told by a financial advisor that they know a way around it . My concern at the moment is there no life for my children just the amount I paid in which was frozen in 1986. The financial advisor said he could arrange it so my children get the money if I died before retirement. Once again thank you
Your normal retirement age is 65? What is the rough CETV value? I’m not 100% sure what IFA means about ways around it, you should always ensure the advice you are taking is 100% in your best interests.
Hi Dominic, I had issues with my IFA when I was given my first CETV and they ended up pulling out saying they couldn't deal with CETV. When I got a new IFA the provider took 5 months to provide a new CETV. Is there any obligation for the provider to supply a CETV within a given timeframe for the second CETV?
Hi Rebecca Thank you for reaching out. Sorry to hear that it sounds like you have dealt with some advisers who didn't really know what they are doing. Yes, there is a statutory deadline of three months from the date you submitted a formal CETV request for one to be produced. If you would like some help with dealing with the scheme and getting them to recalculate the CETV as at a date it should have been provided by, especially if that very likely would have been higher, please feel free to leave an enquiry on www.cjfinance.co.uk and one our specialist advisers will be in touch. Kind regards Cameron James Transfer Team
Most welcome. Yes exactly, most online portal is these days will show your approximate transfer value. If you wish for this to be a guaranteed transfer value, you will need to request a CETV. The CETV can typically take them up to 2 to 6 weeks to produce, as such they might be a slight difference. Particularly during the current climate of interest rate increases which typically have a downward effect on CETV values. Are there any other questions I can help you with?
@@cameronjamespensiontransfer Thankyou for your reply. I'm hoping that my cetv will rise in the next year or so as I am still paying into my DB pension as is my employer. I've been advised to leave it in until I'm ready to leave.
Hi Dominic. I have just faced a turmoil being stuck between advisor and WTW where despite me doing everything I can my CETV has just expired today. Both blame each other for the delay, WTW flat refused to extend even though they have been tardy and also sent wrong info back, advisor refused to sign a simple transfer agreement and provide scheme details with no commitment to even advise or agree to take me through the process which would have allowed me to enter a 1 month grace period for full docs. All being going since early April, with advisor engaged in March. I have formally complained to both parties but get stone walled, would you recommend getting a second CETV to help crystallise the impact to me which could be huge on a £1.7m DB. I suspect it will still all go ahead, but wondering if me requesting a 2nd CETV could be seen as acceptance of the situation their actions has left me. As ever with these sort of scenarios each blame each other and poor me with a whacking loss on the horizon is stuck unable to do anything. Any thoughts most welcome.
Hi Mikey, the joys of working with UK DB ceding schemes. This is an absolute classic case of incompetency in the industry. Everyone blames each other, and the client gets left holding the problem. A three-month expiry date on a CETV sounds like a long period of time; however, many things can go wrong and slow down proceedings. I have pushed very hard for a number of my clients, and only in rare instances have I been able to attain CETV extensions. Typically, it takes some extenuating circumstances or evidence that the scheme did not act correctly. I am somewhat surprised that your Adviser was not willing to sign a non-committal document to allow you a further one-month. Perhaps there was more than meets the eye to this transfer, perhaps they were concerned about the feasibility of obtaining a suitable transfer for you? I would advise taking a 2nd CETV as soon as possible, irrespective of the £200-£300 charge. As it will likely take your scheme up to one or two weeks to raise the second invoice, in order for you to pay the invoice, in order for them to start the second CETV. Okay, it might hurt, seeing a new CETV which is perhaps dropped by c.10% in comparison to your previous one, but it keeps your options open and taking the new CETV does not commit you to transferring it. As in the long run, if you have a balanced or adventurous attitude to risk, you have sizable other retirement assets to rely on during retirement, and you do not need a fixed income during retirement, then it may be the best long-term planning for you to transfer despite the smaller CETV. This would obviously need to be assessed as part of an authorised DB advice process from a pension transfer specialist. I wouldn't waste too much time and energy on following up with the IFA firm, as they are under no duty to complete a pension transfer for people within a certain period of time. If the ceding scheme in the UK has made mistakes in your first transfer pack, though, this could be a reason to complain to The Pensions Ombudsman (TPO). Questions: 1. Roughly what % of your net worth does the DB make up? 2. What is your current age and DB NRA (normal retirement age)? 3. What is your risk profile? 4. Does your DB scheme allow you to defer income payments if you are concerned about tax planning? 5. What did your ceding scheme do wrong during your first CETV that you think you may be able to make a complaint about? Feel free to reply above or drop me an email directly on dominic.murray@cjfinance.co.uk or WhatsApp on +447870817830. You can also book in for a call calendly.com/dominic-james-murray/initial-consultation-youtube Look forward to chatting and seeing how we can help! Dominic James Murray
Dominic, thanks for such a robust reply. I have raised a complaint at both ends which remains open, there is definitely some blame here, but not sure there will be a positive outcome. Still going through the 5 stages of grief at the moment given the value, but no doubt once I finally get it sorted and start to build out my retirement plan it will ease the pain of the loss. Trying to tell myself it is money I have never had and I am still in a very fortunate position which will make for a healthy retirement! Keep up the great content.
You are very welcome. We have seen this happen on a number of occasions with clients. While a three month CETV period may sound like a long period of time, it is nowhere near long enough for the level of incompetence in this industry. At Cameron James, We are yet to have missed a client CETV, however this has included some very late nights and weekend work, despite the fact that we had often requested all of the scheme information months in advance. Feel free to reach out to me any time on here or by email, I’m happy to review over your compliant to see if I can add any areas. The most powerful tool you have is the TPO. Once you start mentioning the pensions regulator to your UKDB scheme, they typically start to take far more note of what you are saying, in fear that you may well report them formally. Indeed, not ideal, but you still have a valuable pension, and still many options for your retirement planning 👍
Dominic, keep up the content! Wanted to update you on my case. I was very lucky to appeal my case and with the help of a colleague who is an employee rep trustee of the scheme, I managed to get WTW to agree to extend my original CETV given their acknowledgement of their lack of clarity and poor answers. I did get a new CETV quote which would have been a £280k hit, that was even before the latest base increase. So their agreement to extend was huge, just finished the advice process and signed all the papers to move it over to my new provider. Overall a hugely stressful experience, lots of pain and anguish given the market movements, but ultimately worth it given I can now retire earlier, access more value earlier and flexibly and most importantly now have a pension that will not die with me or my wife.
So glad to hear this. Transferring DB pension schemes, has certainly become something of an adventure! Really pleased you managed to get the CETV extension and that we could be of help to you!
Hi, good video as ever my DB scheme is administered by one of the companies you mentioned in your summation. I am sure they have quoted me higher than £300 for a second CETV within a 12 month period. They also gave me totally wrong information on one illustration the other year ref final pensionable amount, as when i received an illustration the numbers had gone down close to a previous years numbers and when I called querying they just said we worked it out wrong!
I have a CETV value that is about 22 times my pension if no tax free amount taken.
I feel that with my other pensions converting my DB into a DC scheme will allow me to leave funds for my wife and children better than just the wife’s pension as it stands. And as a smoker she may not survive me anyway
Unfortunately, many of the UK ceding DB schemes are woeful in their levels of customer service, in my professional opinion.
What is the rough value of the CETV? If you o prefer to message privately you can drop me an email on dominic.murray@cjfinance.co.uk
Will be happy to review your transfer rationale and let you know if I think you stand a good chance of achieving a positive transfer.
Cheers
Dominic James Murray
Brief update, just been into F advisor and checked numbers. CETV £154K max pension £9.7K yr or 47K lump sum and pension just under £7K
Highly unlikely to pass FSA guidelines ref good advice to move it out as retire under this scheme feb 2025. I will have this plus full state scheme from Feb 26 and over £200K now in my DC schemes. A UK resident no plans on changing that status. I’ll be ok
@@guyr7351 yeah it sounds like the scheme is making up towards 30-50% of your available retirement funds.
As such, unless you have very strong rationale for needing to release the capital from a DB scheme, I think an authorised PTS would likely turn this transfer request down.
As ultimately, this pension pot forms an important part of your retirement plan, which you would likely be dependent on.
Any other questions?
Dominic sterling job mate thank you . I have a quick question about my final salary pension. I've been told I can't draw out until I retire which is in 3 years. I have been told by a financial advisor that they know a way around it . My concern at the moment is there no life for my children just the amount I paid in which was frozen in 1986. The financial advisor said he could arrange it so my children get the money if I died before retirement. Once again thank you
Your normal retirement age is 65? What is the rough CETV value?
I’m not 100% sure what IFA means about ways around it, you should always ensure the advice you are taking is 100% in your best interests.
Well Explained. Thanks
Most welcome!
Hi Dominic, I had issues with my IFA when I was given my first CETV and they ended up pulling out saying they couldn't deal with CETV. When I got a new IFA the provider took 5 months to provide a new CETV. Is there any obligation for the provider to supply a CETV within a given timeframe for the second CETV?
Hi Rebecca
Thank you for reaching out.
Sorry to hear that it sounds like you have dealt with some advisers who didn't really know what they are doing.
Yes, there is a statutory deadline of three months from the date you submitted a formal CETV request for one to be produced.
If you would like some help with dealing with the scheme and getting them to recalculate the CETV as at a date it should have been provided by, especially if that very likely would have been higher, please feel free to leave an enquiry on www.cjfinance.co.uk and one our specialist advisers will be in touch.
Kind regards
Cameron James Transfer Team
Great advice thanks. Isn't the transfer value shown in my work pension portal for free the approximate value of my cetv?
Most welcome. Yes exactly, most online portal is these days will show your approximate transfer value. If you wish for this to be a guaranteed transfer value, you will need to request a CETV. The CETV can typically take them up to 2 to 6 weeks to produce, as such they might be a slight difference. Particularly during the current climate of interest rate increases which typically have a downward effect on CETV values.
Are there any other questions I can help you with?
@@cameronjamespensiontransfer Thankyou for your reply. I'm hoping that my cetv will rise in the next year or so as I am still paying into my DB pension as is my employer. I've been advised to leave it in until I'm ready to leave.
Yes your contributions will help! Let us know when you have any more questions.
Hi Dominic. I have just faced a turmoil being stuck between advisor and WTW where despite me doing everything I can my CETV has just expired today. Both blame each other for the delay, WTW flat refused to extend even though they have been tardy and also sent wrong info back, advisor refused to sign a simple transfer agreement and provide scheme details with no commitment to even advise or agree to take me through the process which would have allowed me to enter a 1 month grace period for full docs. All being going since early April, with advisor engaged in March. I have formally complained to both parties but get stone walled, would you recommend getting a second CETV to help crystallise the impact to me which could be huge on a £1.7m DB. I suspect it will still all go ahead, but wondering if me requesting a 2nd CETV could be seen as acceptance of the situation their actions has left me. As ever with these sort of scenarios each blame each other and poor me with a whacking loss on the horizon is stuck unable to do anything. Any thoughts most welcome.
Hi Mikey, the joys of working with UK DB ceding schemes. This is an absolute classic case of incompetency in the industry. Everyone blames each other, and the client gets left holding the problem.
A three-month expiry date on a CETV sounds like a long period of time; however, many things can go wrong and slow down proceedings.
I have pushed very hard for a number of my clients, and only in rare instances have I been able to attain CETV extensions. Typically, it takes some extenuating circumstances or evidence that the scheme did not act correctly.
I am somewhat surprised that your Adviser was not willing to sign a non-committal document to allow you a further one-month. Perhaps there was more than meets the eye to this transfer, perhaps they were concerned about the feasibility of obtaining a suitable transfer for you?
I would advise taking a 2nd CETV as soon as possible, irrespective of the £200-£300 charge. As it will likely take your scheme up to one or two weeks to raise the second invoice, in order for you to pay the invoice, in order for them to start the second CETV.
Okay, it might hurt, seeing a new CETV which is perhaps dropped by c.10% in comparison to your previous one, but it keeps your options open and taking the new CETV does not commit you to transferring it.
As in the long run, if you have a balanced or adventurous attitude to risk, you have sizable other retirement assets to rely on during retirement, and you do not need a fixed income during retirement, then it may be the best long-term planning for you to transfer despite the smaller CETV.
This would obviously need to be assessed as part of an authorised DB advice process from a pension transfer specialist.
I wouldn't waste too much time and energy on following up with the IFA firm, as they are under no duty to complete a pension transfer for people within a certain period of time.
If the ceding scheme in the UK has made mistakes in your first transfer pack, though, this could be a reason to complain to The Pensions Ombudsman (TPO).
Questions:
1. Roughly what % of your net worth does the DB make up?
2. What is your current age and DB NRA (normal retirement age)?
3. What is your risk profile?
4. Does your DB scheme allow you to defer income payments if you are concerned about tax planning?
5. What did your ceding scheme do wrong during your first CETV that you think you may be able to make a complaint about?
Feel free to reply above or drop me an email directly on dominic.murray@cjfinance.co.uk or WhatsApp on +447870817830.
You can also book in for a call calendly.com/dominic-james-murray/initial-consultation-youtube
Look forward to chatting and seeing how we can help!
Dominic James Murray
Dominic, thanks for such a robust reply. I have raised a complaint at both ends which remains open, there is definitely some blame here, but not sure there will be a positive outcome. Still going through the 5 stages of grief at the moment given the value, but no doubt once I finally get it sorted and start to build out my retirement plan it will ease the pain of the loss. Trying to tell myself it is money I have never had and I am still in a very fortunate position which will make for a healthy retirement! Keep up the great content.
You are very welcome. We have seen this happen on a number of occasions with clients. While a three month CETV period may sound like a long period of time, it is nowhere near long enough for the level of incompetence in this industry.
At Cameron James, We are yet to have missed a client CETV, however this has included some very late nights and weekend work, despite the fact that we had often requested all of the scheme information months in advance.
Feel free to reach out to me any time on here or by email, I’m happy to review over your compliant to see if I can add any areas. The most powerful tool you have is the TPO. Once you start mentioning the pensions regulator to your UKDB scheme, they typically start to take far more note of what you are saying, in fear that you may well report them formally.
Indeed, not ideal, but you still have a valuable pension, and still many options for your retirement planning 👍
Dominic, keep up the content! Wanted to update you on my case. I was very lucky to appeal my case and with the help of a colleague who is an employee rep trustee of the scheme, I managed to get WTW to agree to extend my original CETV given their acknowledgement of their lack of clarity and poor answers.
I did get a new CETV quote which would have been a £280k hit, that was even before the latest base increase. So their agreement to extend was huge, just finished the advice process and signed all the papers to move it over to my new provider. Overall a hugely stressful experience, lots of pain and anguish given the market movements, but ultimately worth it given I can now retire earlier, access more value earlier and flexibly and most importantly now have a pension that will not die with me or my wife.
So glad to hear this. Transferring DB pension schemes, has certainly become something of an adventure! Really pleased you managed to get the CETV extension and that we could be of help to you!