Pension Benefits of the Executive Board Members- audited
(i) The figure for 2010-11 relates to the CETV when Phil Bushby joined the Agency in 2011-12. Figures in brackets refer to decreases in value.
The actuarial factors used to calculate CETVs were changed in 2011-2012. The CETV figures at 31 March 2011 and 31 March 2012 have both been calculated using the new factors, for consistency. The CETV at 31 March 2011 therefore differs from the corresponding figure in last year’s report which was calculated using the previous factors.
Simon Tse
Accounting Officer and Chief Executive DVLA
13 June 2012
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