Delay in Teachers’ Pensions valuations leaves many couples in limbo

When a marriage breaks down and the couple involved wish to resolve their financial arrangements in a legally binding Court Order (known as a Consent Order if dealt with by agreement) as part of their divorce, they will need to provide the Court with details of their respective financial positions, which includes up to date cash equivalent transfer values (or CETVs) of their pensions.

Each party must contact their pension provider(s) and request this information, which according to the rules, should take no longer than 3 months for them to process. However, the BBC has reported that many people who have requested a Teachers’ Pension valuation have waited significantly longer than this, with one teacher stating that she has now waited for 18 months for this information. This can, in turn, result in significant delays with the personal arrangements of the separating couple, who find that they cannot formally resolve their financial settlement or finalise their divorce.

It is reported that in December 2024, Teachers’ Pensions had a backlog of approximately 2,000 unprocessed requests for CETVs. This has dropped to approximately 1,344 in January 2025, although it remains to be seen how quickly the outstanding valuations will be processed.

Whilst it is hoped that this backlog will be dealt with soon, it is vital that anyone involved in (or even contemplating) divorce proceedings, should request their pension CETVs as soon as they can to try to avoid delays later on in the proceedings and to seek specialist legal advice from a family law solicitor as soon as possible.

Please contact Kelly Trevett on 01733 267414, for a no obligation, fixed fee appointment to discuss your personal circumstances and the options available to you.

Friday, February 7th, 2025 Divorce, Marriage Breakdown, Pensions