In a recent BBC news item here, attention was drawn to the delays being suffered in the production of Cash Equivalent Valuations (CEV) for members of the NHS and Teacher’s pension schemes. CEVs are a statement of the value of pension rights, and are crucial to negotiations for divorcing couples.
Unfortunately, the delays seem to be affecting all public service pension schemes including the Armed Forces Pension Schemes (AFPS).
In preparing CEVs, Veterans UK are required to use factors issued by the Government Actuary’s Department (GAD). It is the new factor tables that are awaited, and their delay which is preventing the release of accurate, up to date CEVs.
For the moment Veterans UK will release CEVs using the old (pre March 30th) tables where requested. However, members should be advised that, by law, any new Pension Sharing Orders (PSO) will be implemented using the new CEVs when they become available.
We will endeavour to update our website and social media when the position changes.
