Hi, looking for some help on the new pension legislation that apparently came into force on 1st October 2008. Everything has been agreed between my husband and myself and the consent order is about to go into the court but I have just received a bombshell from my husbands pension provider that all the figures that have been worked out on CETV etc are now inaccurate as the law has changed. They do not seem to know exactly what is going on themselves. Has anybody heard anything about this.

Thanks

Hello Peter@bdm helps with pensions

Thanks

Can I ask what type of pension is it, occupational (final salary) or personal pension?

Its a police pension which is under the old scheme which I think is final salary

Thanks

There is a change in the legislation, which means that Cash Equivalent Transfer Values must be calculated on a slightly different basis from 1 October 2008. The view of our actuaries is that it could increase some CETVs slightly. The legislation is mainly aimed at private sector pensions although there are some subtle changes that may also change CETVs for public sector pensions, but as far as I am aware, nothing has yet been published concerning the public sector schemes and any changes to their CETV basis.

Until we have seen some post 1st October CETVs it is impossible to judge the impact on pensions in divorce. Because the guidelines for pension scheme trustees (those responsible for setting the ­frame­work under which a scheme operates) were published very late it is possible that some schemes will delay providing CETVs until they decide on exactly how their scheme will calculate CETVs under the new regulations.

Not much help for Amada R or others in a similar situation, I am sorry to say. It just has to be a case of wait and see.

Thanks for the info Peter