A member of a salary-related scheme who has more than 12 months to go before attaining the scheme's normal retirement age has a statutory right under the Pension Schemes Act 1993 to take a cash equivalent transfer value (CETV) to another registered pension scheme. The amount of the transfer payment is calculated on a prescribed basis, see cash equivalent.
Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.