£25 Actuarial Report values a defined benefit scheme. It takes only 10 minutes online and gives you a 5-page report signed off by an accreted actuary click here
Pension values 30% greater than the CETV.
On divorce find out if the provider quote values the pensions fairly. Start here by comparing some valuation examples
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.
£50 Uniformed Services Report
The off-line actuarial Uniformed Services Report costs only £50 (Excl VAT) per pension scheme valued. It is produced manually and signed off by an actuary, is returned to you in only two working days and includes a reconciliation to explain the major reasons for the differences. You can then discuss the findings of the report with your solicitor.
There is no reason why you should not run a valuation on pensions worth less than £30,000, other than the fact that the likely difference in values may not justify the small cost. 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:
£50 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
£50 Report assumes pension payable from age 50, not from 60
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