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). On 5th June a question was raised in the House of Commons about these delays.
John Glen, Chief Secretary to the Treasury, has confirmed that the delay is caused by the need for Government Actuary’s Department (GAD) to release new factor tables and that they should be available from “early summer”.
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.