UK DB Pension Transfer Value (CETV)

CETV multiples typically 20-30× annual pension. Use the X% of Y calculator with multiplier and your annual DB entitlement.

A DB pension's Cash Equivalent Transfer Value is the lump sum offered to leave the scheme. UK CETV multiples have ranged from ~15× to over 40× depending on gilt yields. Transferring out of DB is often unwise — FCA rules require advice for transfers over £30k.

Worked examples

£10,000/year DB pension at 25× multiple: CETV £250,000.

£20,000/year at 30×: £600,000.

Sources: FCA pension transfer rules · retrieved 2026-05-15.

Frequently asked questions

Should I transfer out of DB?

Usually no. DB is inflation-linked, employer-backed, and lifetime. FCA's default position: transferring out is unsuitable for most members. Always seek advice from a Pension Transfer Specialist.

What drives CETV multiples?

Mainly long-term gilt yields. Higher gilt yields = lower CETV (smaller lump sum needed today to fund future pension).