CETV Calculator UK: Estimate Your Pension Transfer Value (2026)

There is no single formula that turns a defined benefit pension into a transfer value you can calculate at home. The real figure comes from your scheme's actuary and depends on assumptions only the scheme holds. What you can do is build a rough sense of scale using a multiple of your annual pension. The estimator below does exactly that, and nothing more.

In short

• A genuine CETV can only be produced by your scheme; any online tool gives an estimate at best.
• A common shorthand is annual pension multiplied by a factor, often in the low-to-mid twenties in current conditions.
• Multiples are scheme-specific and have fallen as gilt yields have risen since 2022.
• Use any estimate to frame questions, never as a basis for a decision.
• Transfers of safeguarded benefits over £30,000 require regulated advice.

A simple illustrative estimator

Enter your annual pension and a multiple. The output is purely illustrative and should not be read as a quotation or as advice.

Why this is only a starting point

The estimator multiplies two numbers. A scheme actuary does something far more involved: it projects your pension forward with assumed increases, allows for spouse's benefits and guarantees, and discounts the whole stream back to today using a discount rate tied to gilt yields. Two members the same age with the same annual pension can receive materially different values because their schemes use different assumptions and quote on different dates.

Choosing a sensible multiple

These ranges are illustrative and drawn from the broad market direction rather than any one scheme. The only number that matters for a decision is the guaranteed value your own scheme issues.

What to do with the estimate

Treat the figure as a prompt. If it looks meaningful, request a real CETV from your scheme, which is free once in any twelve-month period and guaranteed for three months. If the value exceeds £30,000, you must take regulated advice from a pension transfer specialist before you can transfer out.

FAQ

Can I calculate my own CETV accurately?

No. Only your scheme's actuary can produce a genuine figure, because it relies on assumptions and discount rates the scheme holds. Online tools give an estimate of scale at best.

What multiple should I use?

Multiples are scheme-specific. In current conditions many fall in the low-to-mid twenties, well below the thirty-to-forty multiples seen in 2020 and 2021. Use any figure only as illustration.

Does a bigger multiple mean a better deal?

Not necessarily. A high multiple reflects scheme assumptions and market conditions, not whether transferring is right for you. The guaranteed income you give up is the real comparison.

Is requesting a real CETV free?

Schemes must provide one transfer value free of charge in any twelve-month period. The quote is then guaranteed for three months.

Do I need advice if my estimate is over £30,000?

If your actual safeguarded benefits are valued above £30,000 you must take regulated advice before transferring out of a defined benefit scheme. An estimate alone does not trigger the rule, but the real value will.