Estimate the transfer value of your defined benefit pension


Calculate your estimated Cash Equivalent Transfer Value (CETV)

Use our transfer value calculator to estimate the CETV of your final salary pension benefits.

Our free CETV calculator:
  • Projects your defined benefit income to scheme retirement age
  • Calculates your likely exposure to the pension lifetime allowance
  • Provides a low and high estimate for your pension transfer value, the CETV

Defined benefit pension transfer value calculator

This calculator is suited to defined benefit pensions only, we offer other calculators for pension ‘pots’.

A defined benefit scheme is a pension with a pre-defined retirement income. You may be more familiar with them being referred to as ‘final salary schemes’ or ‘career average schemes’. Both are defined benefit pensions.

Defined benefit schemes don’t hold a fund value. Instead, they hold a preserved income value, to start at retirement. The transfer value, CETV, is the amount a scheme will calculate that you can take away and transfer to a private pension, such as a SIPP. From a private plan, you are able to design your retirement plan, and choose an income strategy to suit you. Private pensions also come with other benefits, read our guide to pension transfers for more.

Other factors

Our transfer value calculator accounts for your preserved income benefits and scheme revaluation. We intend to provide you with a good estimate of your pension scheme transfer value.

When a scheme calculates a CETV, they also account for other factors, including:

  • the death benefits linked to your pension
  • the retirement age of the scheme, including early and late retirement factors
  • the commutation factors of the scheme, affecting the lump sum conversion options at-retirement
  • factors in line with annuity rates, using a measure of UK gilts
  • accurate scheme section data
  • scheme health, in some cases schemes reduce or enhance transfer values according to scheme funding status; whether the pension carries a deficit or surplus

Why apply for a pension transfer value?

Defined benefit pension scheme members are entitled to one CETV calculation per year. Most will also offer a further re-calculation for a small fee. It’s very important to fully understand both what you have in place, and what other planning options are available.

Use our pension research toolkit to apply for a guaranteed CETV. Once your pension transfer value has been calculated, it will be guaranteed for a period of three months. This guarantee period gives you time to consider your options and take advice.

Only privately-run pension schemes can offer a transfer value. Those holding a public sector pension, such as the NHS or Teachers Pension, will not be able to transfer. Use our calculator to project your income and lump sum benefits to aid your retirement planning.

Once you have an estimated pension transfer value, you can enter this into our other retirement calculators. This will help you to discover how holding a private pension ‘pot’ may improve your planning.

Take our pension transfer value personality quiz

If you’re thinking about a pension transfer, take our pension transfer personality quiz. Our pension transfer quiz runs through a few personal and financial questions to find out if a transfer could suit you. Pension transfers involve you taking on the funds, and the responsibility of long-term planning.

While a private pension plan offers the opportunity for growth, it also carries some risk. Read through our guides and resources before you make a decision about how your retirement income should work .

Claim your guaranteed Cash Equivalent Transfer Value (CETV) using our free research toolkit

Our toolkit includes template enquiry letters, and a pension jargon buster. We help you ask the right questions about your pension scheme in order to review its benefits. You will find out specific scheme information, as well as gain a guaranteed pension transfer value quote.

Once you’ve gathered the right pension information, use our online resources and jargon buster to understand what it all means. Read our blog about how to understand your pension benefit statement.

If you’re unsure of your scheme contact details, search our scheme database. If the details aren’t listed, contact us and we will be happy to help.


Pension Transfer Personality Quiz

Take our free pension transfer personality quiz to find out if a pension transfer is right for you!

1 / 10

How would you describe your investment or financial planning experience?

2 / 10

Where will you live in retirement?

3 / 10

What sort of taxpayer will you be in retirement?

4 / 10

How would you describe your relationship with money and finances?

5 / 10

Are your essential outgoings already covered by other retirement income?

6 / 10

Will anyone else be reliant on your pension for their financial security?

7 / 10

When you retire, will you need to withdraw a lump sum?

8 / 10

Do you require ad-hoc access to your pension funds in retirement?

9 / 10

How would your ideal retirement income be structured?

10 / 10

If you died, who would you want to benefit from your pension money?

Only provide your details if you are happy for us to contact you about your planning

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Pension Knowledge Test

Test your knowledge with our quick quiz! Like learning? Restart the quiz to explore our question bank!

1 / 5

Can a UK pension pay retirement income in another currency than GBP?

2 / 5

What rate of National Insurance (NI) is paid on pension income?

3 / 5

What is the financial term for the tax free lump sum from a UK pension?

4 / 5

What is a mixed-asset investment fund?

5 / 5

If you hold Fixed Protection 2016, what does this mean?

Your score is