A method which can be used to calculate a transfer payment from a salary-related pension scheme. A member of a final salary pension scheme who is not currently drawing a pension and who has more than 12 months to go before attaining the scheme's normal retirement age, has a statutory right to take a cash equivalent transfer value (CETV) to another registered pension scheme approved pension scheme or buy-out policy (section 93A, Pension Schemes Act 1993).

Until 1 October 2008, CETVs were calculated in accordance with the guidelines laid down in actuarial guidance note GN11 adopted by the Board for Actuarial Standards (and originally issued by the Pensions Board of the Faculty and the Institute of Actuaries). However, the legislation relating to CETVs changed on 1 October 2008. CETVs are now calculated by trustees, after obtaining actuarial advice, and GN11 is no longer in force. The Pensions Regulator has issued guidance on calculating transfer values.