Sapper,
I think the last in-depth review of the value of military pensions was conducted in 2006. See the
external report here.
That review prompted the AFPRB to state the following in their
2007 Report.
Our valuation of Armed Forces’ pensions suggested that the adjustment we apply to comparator pay to reflect the relative value of pensions should be 4 per cent.
The AFPRB noted in their 2008 report that:
Civilian comparators were established which use base salary (annualised basic salary including contractual bonuses and permanent payments) and total cash (basic salary plus variable bonuses and incentives), adjusted to reflect the relative value of the military pension.
but they didn't mention the value. However, they did set 2011 as the date for a review of that value.
Hope that helps.