CETV Values in 2026: What to Expect From Your Transfer Quote

Anyone weighing up a defined benefit transfer in 2026 wants to know what kind of value to expect. The honest answer is that there is no fixed market average, because every scheme sets values on its own assumptions and the figure changes with financial conditions. What can be described is the set of forces shaping transfer values this year and why outcomes vary so widely.

In short

• There is no single average CETV; values are scheme-specific and date-specific.
• Gilt yields remain the dominant driver, and higher yields keep values below their 2021 peak.
• Your age, the structure of your benefits and your scheme's funding all affect the figure.
• Two people with identical pensions can be quoted very different values.
• Any quote is guaranteed for three months only.

The main drivers of CETV size in 2026

The starting point is always your accrued pension, but the value placed on it depends on several moving parts. Gilt yields set the discount rate, so they dominate. The degree of inflation-linking in your scheme matters, because index-linked promises cost more to fund. Spouse's and dependants' benefits add value. Your age affects how long the income is discounted over. Finally, a scheme's own funding position and its trustees' assumptions can nudge values up or down.

Why identical pensions produce different values

Consider two people each entitled to £10,000 a year. One belongs to a scheme with full inflation protection and a generous spouse's pension; the other to a scheme with capped increases and no survivor benefit. The first promise costs far more to fund, so it commands a higher transfer value. Add in different ages and different quotation dates, and the gap widens further. This is why comparing your CETV with someone else's tells you very little.

Should you expect a recovery?

Because values track gilt yields, a fall in yields would tend to lift CETVs, while further rises would push them lower. Yields cannot be forecast with any confidence, so building a decision around an expected rebound is speculative. If you receive a quote that suits your circumstances, the three-month guarantee is the window in which it is fixed.

Treat the figure in context

A transfer value only answers one question: how much capital the scheme will pay to release you from its promise. It says nothing about whether giving up a guaranteed income is right for you. For safeguarded benefits worth more than £30,000, that judgement must involve regulated advice from a pension transfer specialist.

FAQ

What is the average CETV in 2026?

There is no reliable single average. Values are set scheme by scheme on individual assumptions and change with gilt yields, so a market average would be misleading.

Are transfer values higher or lower than a few years ago?

Generally lower than the 2020 to 2021 peak, because gilt yields have risen since 2022 and values move inversely to yields.

Why is my value different from a colleague's?

Differences in scheme inflation-linking, survivor benefits, your ages and the quotation dates can all produce very different values from the same annual pension.

How long will my quote last?

A CETV is guaranteed for three months from the calculation date, after which the scheme recalculates.

Does a higher value mean I should transfer?

No. The value reflects market conditions and scheme assumptions, not suitability. Whether to transfer is a regulated decision requiring advice for safeguarded benefits above £30,000.