Does anyone have ANY guesstimate of the value of a gov't pension over 7 years? I'm trying to figure out my finances and would like an approximation. I've worked at the same gov job for 18 pensionable years, and we were married from year 9-15. Any ideas? We were about to submit the form but now STBX is waffling over the separation date.
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Originally posted by magic3 View PostDoes anyone have ANY guesstimate of the value of a gov't pension over 7 years? I'm trying to figure out my finances and would like an approximation. I've worked at the same gov job for 18 pensionable years, and we were married from year 9-15. Any ideas? We were about to submit the form but now STBX is waffling over the separation date.
I would (very very very roughly) estimate the value to be roughly equal to or slightly higher than your average annual salary over that time. Note that once you get your pension evaluated, your ex will receive a copy of said evaluation directly from the pension plan.
The actual actuarial calculation puts a weighted value on your expected date of retirement and lifespan, and then calculates the present value of the expected payments over the course of your life, for the portion of those payments that are funded by contributions made during your marriage.
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You should be able to look back and get evaluation of pension from start of relationship and then as of date of separation. Most pension companies can provide that information. Most pensions send you an annual statement. I always save my husband for reference.
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Originally posted by Beachnana View PostYou should be able to look back and get evaluation of pension from start of relationship and then as of date of separation. Most pension companies can provide that information. Most pensions send you an annual statement. I always save my husband for reference.
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Originally posted by Beachnana View PostYou should be able to look back and get evaluation of pension from start of relationship and then as of date of separation. Most pension companies can provide that information. Most pensions send you an annual statement. I always save my husband for reference.
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First you need to request the actual pension value from the Public Service Pay Centre with the proper PWGSC Pay Action Request (PAR) Form 446-1.
http://www.tpsgc-pwgsc.gc.ca/remuner...index-eng.html. You need to indicate the period from when they must provide the value of your pension (eg. from the date of cohabitating/marriage to the valuation/separation date). They should ask you to fill the proper form as they normally have multiple requests of that type. Once they have all the information, it will take a while but they will send you the info by post as it is confidential.
A copy of That confidential document must then be forwarded to a licenced and qualified actuary with all relevant information like elections to purchase prior pensionable services, and service buyback with the appropriate dates and amounts of payment. This will cost around 600$.
On the NFP, you can show the net amount obtained as an asset only or you can show the whole value of your pension as an asset and the amount to input the taxes at 26% in the debts section. Both will come to the same figures.
Good Luck
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Morn;
I went through this a couple of years ago, so I have a decent idea.
If I were to guess, based on mine, you'll go into sticker shock.
I'd think the total value at 6 years ?? would be about 125-150. SO take the average per year, roughly, 21k per year increase (Duration of marriage). It's not just what you paid in BUT the pension increase.
The law changed so, the pension will send him half his money (if you so desire). Yeah I know.....CRAZY.
I couldn't come up with that kind of extra cash, so I took the hit. Essentially, to make the time up, you'd probably have to work a few years longer (higher pay at the end then the start).
Please keep in mind, this just a rough estimate.
Hope this helps,
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