Me and My Family

Old Sep 11th 2016, 4:10 am
  #766  
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Bit bored this morning Was your RAF pension under AFPS75 which was the main scheme for the Armed Forces? https://www.gov.uk/government/upload..._explained.pdf

this applied for members from 1975 to 2005 then the rules changed. The AFPS75 was a defined BENEFITS scheme and as such there is NO pot of pension money, it's paid out of current government income like State Pension - you got your lump sum plus the pension. (so did my wife with her Teachers Pension) Under certain circumstances you could have transferred to a private pension scheme - left RAF, got job with pension scheme -which would have given you a lump sum transfer based on actuarial tables but I gather you did not do this.

It looks like you're scuppered! I await my UK friends reply tho'.
I assume you know all about Section 11 in the document above re Pensions and Divorce???

Cheers Mate!

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Old Sep 11th 2016, 12:56 pm
  #767  
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Greetings Quiltman....and thanks very much for your useful info.

I came out of the RAF in 1988 after 23 yrs and qualified for a pension. I received a lump sum separate to the pension and part of the pension could be commuted by I think 25% to produce another lump sum which I took. I am therefore receiving a commuted pension. Now, I believe my pension was no different to anyone else serving so I am assuming it was the main scheme for the RAF. Now here is the thing which is a bit confusing. There is a pot of money tied to my pension and has a CETV value. When I left the RAF I went self employed and drew my RAF Pension.

Yes, I know all about Section 11. My estranged wife can claim half of my RAF Pension which I offered for half the value of the house. The house value equates roughly to the CETV value (Cash Equivalent Transfer Value) of my pension. As I really needed capital I offered half of my pension for half the house value. She turned this down to keep the house and to be fair, I don't blame her. To have a good chance of contesting this, I would need to live in the UK and rent a house. So, having little chance of obtaining capital from our house, I am exploring other avenues.

Thanks again

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Old Sep 12th 2016, 4:16 am
  #768  
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Interesting If there is a CETV attached to your pension then as I read it you could transfer this to a private pension and then come under the new rules. However, there may have been a time limit on retiring from the RAF in which to do this. I feel you need to have a chat, probably with Veterans pensions - who handle pensions for armed forces personnel.I believe Equiniti are just the paying agents , like the Paymaster General of old.

https://www.gov.uk/government/organisations/veterans-uk

I remember when my Dad retired from the mob, he also commuted part of his pension which helped me and my wife buy our first house!

My UK friend has an out of office reply until next Monday , so I assume he's off gallivanting!
We'll end up with a definitive answer eventually!

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Old Sep 12th 2016, 6:37 am
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Many thanks Quiltman,

What you say makes sense to me, but as you say there could be a time limit included.

You are correct about Equiniti being the paying agents. I will fire off an e.mail to the Veterans people this afternoon and let you know the response.

Although I am clutching at straws with this, the information will be useful whether positive or negative. It will help with my future here and I can make positive plans.

Thanks again

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Old Sep 12th 2016, 8:35 am
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Default re: Me and My Family

Many thanks Quiltman,

What you say makes sense to me, but as you say there could be a time limit included.

You are correct about Equiniti being the paying agents. I will fire off an e.mail to the Veterans people this afternoon and let you know the response.

Although I am clutching at straws with this, the information will be useful whether positive or negative. It will help with my future here and I can make positive plans.

Thanks again
Hopefully it will also be of use to others retiring from the forces enabling them to better plan their retirement funding.

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Old Sep 12th 2016, 12:23 pm
  #771  
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Hi Quiltman,

I spoke to the relevant people and it is as I thought. No. The CETV value is there for the valuation of the pension in divorce cases only.

I thank you for the time and effort you put into this for me. And your continuing support.

Best wishes

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Old Sep 12th 2016, 1:14 pm
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Well, at least you now have the definitive answer Pete. Sorry!
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Old Sep 16th 2016, 6:17 am
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Greetings!

Nothing much to report except that I am alive and kicking. My lovely lady likes to sell various things on fb in addition to her on-line jewelry. This time its a house.

She has a friend in Norway married to an ice cream seller (!?). He cycles around selling ice cream and she has a well paid job sending money home to her family. She wants to buy a house for her family not too from here. Depending on what she makes of the photos, she will buy the house. And she wants my lovely lady to do the conveyance. We have met the couple a while back. We will be going there on Sunday to take the pics. She will be paid expenses and stands to make 300k on the deal. Sounds good.....but why do I think that a can of worms will be opened? Oh....when I suggested she can use the 300k profit to start the business she wanted without a bank loan I got a strange look. If it all goes through, I hope she uses that money for business and not to buy some more gold jewelry. If she doesn't, she does not have a leg to stand on as far as borrowing money is concerned.

Interesting times

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Old Sep 16th 2016, 8:07 am
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Sounds very good If not a bit TOO good! Apologies for seeming cynical as I assume that the 300K she is looking to make is a form of "commission"? A realtor here charges about 5% to sell a house so 300K equates to a 6,000,000pesos property- a Palace!
Or, is she getting the money from the seller/and or buyer in lieu of Realtors commission?
Just seems a lot of money for handling all the paperwork etc.
A couple of points if her friend does decide to buy.
1. your GF will need a notarised power of attorney to sign anything on her behalf.
2. Make sure the monies are in some kind of escrow account BEFORE any legal papers are signed otherwise if something goes wrong then your GF could make herself liable for all sorts of "fees".
3. I'd get something in writing re the 300K , who, what,where and why, just in case - unless her "friend" is going to pay her in cash. Then my question is why?? She could just get an attorney here to handle the purchase on her behalf - I know folks who have done this , buying a house here whilst an OFW.

fingers crossed everything works out as she hopes, but as you say, there is a potential worm can waiting to be opened. Keep us updated as this has the legs of a good story!

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Old Sep 16th 2016, 8:21 am
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Thanks Quiltman for the good advice. I cannot remember the price of the house but my lovely lady saw it going for sale somewhere from a friend and put it on her fb basically as a punt. Think its about 2m peso. What she has done is added 300k to the price and selling it at that. The vendor is aware of that. I am just surprised that the woman in Norway will buy the house on pics alone. I personally wouldn't do that. The buyer will pay fees and expenses on top of that. Yes....I can see a bulging can of worms bursting to get out and explode across these pages. It should go without saying that I will be keeping my wallet tightly closed on this.

Regards

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Old Sep 16th 2016, 10:24 am
  #776  
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Default re: Me and My Family

Thanks Quiltman for the good advice. I cannot remember the price of the house but my lovely lady saw it going for sale somewhere from a friend and put it on her fb basically as a punt. Think its about 2m peso. What she has done is added 300k to the price and selling it at that. The vendor is aware of that. I am just surprised that the woman in Norway will buy the house on pics alone. I personally wouldn't do that. The buyer will pay fees and expenses on top of that. Yes....I can see a bulging can of worms bursting to get out and explode across these pages. It should go without saying that I will be keeping my wallet tightly closed on this.

Regards
This is modus operandi for buying and selling in the Philippine and the reason why to only deal directly with the seller, not any go betweens.

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Old Sep 16th 2016, 11:03 am
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this sounds fine in practice, but adding the GFs "commission" to the vendors sale price increases the various taxes that need paying:
Taxes & Fees on the Transfer Certificate of Title in the Philippines

As a seller there is no way I'd agree to an "agent" increasing the sale price of my property to get their cut, especially as I pay 6% capital gains on the sale! Also remember sales are reported to the BIR, because of the capital gains tax and if the attorney pays your GF the 300k then this will also be reported to BIR.

Re buying just on photos as Gazza-D says, - not too unusual here, OFWs tend to do this regularly but to be fair, they get their relatives to thoroughly check the property etc. if they cannot get back home themselves. A friend of ours did this for her sister who lives in Toronto.

I await the next chapter with anticipation! I'd hide your wallet to be safe!

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Old Sep 16th 2016, 11:53 am
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Greetings!

Thanks for your comments. I am studiously taking notes here and will advise my lovely lady accordingly. But I am sure the advice I give as this project gets underway will just hit a brick wall. As usual. I also await the next chapter with anticipation....Will keep you updated.

She has just received 6 pairs of designer shoes for onward posting to Aussie Land. Sale price 3500 peso each. No idea of profit margin.

She sent this morning 42k worth of gold jewelry again to Aussie Land. Plus the vitamins I mentioned earlier for this 3 month old baby who cannot sleep. Bet her husband does not know about the vitamins....she eventually got them here in Sipalay.

Life is so much more fun in the Philippines....(so I am told)

Regards

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Old Sep 16th 2016, 12:24 pm
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Default re: Me and My Family

Originally Posted by quiltman View Post
Pete, this sounds fine in practice, but adding the GFs "commission" to the vendors sale price increases the various taxes that need paying:
Taxes & Fees on the Transfer Certificate of Title in the Philippines

As a seller there is no way I'd agree to an "agent" increasing the sale price of my property to get their cut, especially as I pay 6% capital gains on the sale! Also remember sales are reported to the BIR, because of the capital gains tax and if the attorney pays your GF the 300k then this will also be reported to BIR.

Re buying just on photos as Gazza-D says, - not too unusual here, OFWs tend to do this regularly but to be fair, they get their relatives to thoroughly check the property etc. if they cannot get back home themselves. A friend of ours did this for her sister who lives in Toronto.

I await the next chapter with anticipation! I'd hide your wallet to be safe!
The commission will likely be in the way of cash directly from the seller after the sale has completed. Pete you may need to buy a baseball bat just in case you have to break a few knee caps to get the money. As it is said possession is nine tenths of the law and in the Philippines this seems to include money.
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Old Sep 16th 2016, 12:36 pm
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Thanks Gazza,

You are of course correct. She will get the commission as cash from her friend/relative who I shall no doubt meet on Sunday. No baseball bat required. I shall not be getting involved in the money side except impart advice on what I am learning here. Gallic shrugs come in handy sometimes...

Regards

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