TVAS where CETV is subject to a pension sharing order

Sidds

Hoping someone can help me....

I have a client who wants to transfer their LGPS.  The scheme has given me the following info;

Total Transfer value                                 £222,756.14
Less pension sharing order deduction     £23,916.15

Which value do I use for the TVAS – the total transfer value, or the value less the pension sharing order deduction?

Also, am I right in understanding the GMP is not subject to revaluation by the fixed rate but by CPI?

Many thanks in advance!
Laura

Jona

If it is a pension share order, those benefits are now owned by the ex-spouses; so I would ignore.

GMP revaluation (in deferment - not increases in payment) can either be fixed rate, Section 148 orders or Limited Revaluation Orders (if left active service pre-97).  The administrators will be able to tell you which applies to the member / basis the scheme rules have adopted.

arongunningham

Post 88 GMP will increase in retirement though, I thought?

Jona

Yes - CPI to 3% is statutory min on post-88; scheme can obviously pay more, as it could on pre-88 GMP which has a statutory min of nil escalation.