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   Pensions Valuation
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Pension values can be
30% higher than the CETV.
  Valuation Examples  
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for a defined benefit scheme.
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   Uniformed services valuation
  Uniformed Services Valuation
  Introduction   Police Force example

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Serving police officers, armed forces personnel, fire & rescue and prison officers who continue on service could retire early with an immediate pension.  The value of this pension is significantly greater than that if they left service, as assumed by the CETV.  Therefore the value for a uniformed service pension in a divorce can be significantly understated by the CETV and an appropriate valuation of 3 times the CETV value is not uncommon.

Police Force example
The following is a case study example based on the police defined benefit (final salary) pension scheme.

   Policeman details:
  Rank: Constable
  Born: 1970
  Scheme: Police Pension Scheme 1987
  Started service: 1995
  Date of leaving service: After 25 years service
  Valuation date: April 2006
  Current pensionable pay: £30,844
   Pensions valuation:
  £100 Uniformed Services Report: £191,000
  Cash Equivalent Transfer Value: £65,000
  Difference £126,000
   Reconciliation of differences:
  CETV £65,000
  Allowing for pay increases up to retirement increasing final pensionable pay, as opposed to statutory increases in the CETV £51,000
  Pension payable from age 50, not from 60 £48,000
  Using the latest mortality assumptions £12,000
  Other differences £15,000
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  55 £3,620  
  60 £4,081  
  65 £4,786  
  70 £5,656  
  55 £3,320  
  60 £3,783  
  65 £4,382  
  70 £5,102  
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