In simple terms the Cash Equivalent Transfer Value (CETV) is the amount of money we think we need to hold now to provide your benefits at NRD. We calculate the CETV in accordance with the instructions given by the scheme actuary and these may change periodically.
The CETV is guaranteed for three months. If the benefits are transferred out after this we will recalculate it.
The transfer value we pay is not always the CETV. A summary of what we will pay is shown below.
Leavers before 6 April 2006
- employee contributions not taken under salary exchange if you have suspended benefits; or
- CETV if you have preserved benefits.
Leavers after 6 April 2006
- employee contributions not taken under salary exchange if you have less than three months qualifying service; or
- CETV if you have more than three months qualifying service.
If you want to transfer your benefits to a new pension scheme you should contact them first and ask them about their transfer process. Not all pension schemes accept transfers.
We will not pay your benefits to another pension scheme until you and the new scheme have signed the appropriate paperwork.