Glossary

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Term Definition Legal instruments

surrender value

01/01/2016

means:

(1) where the contract is a contract of life assurance or a contract for an annuity, the amount (including a nil amount) payable by the firm or other body issuing the contract on surrender of the policy;

(2) where the contract is a personal pension scheme or a stakeholder pension scheme, the amount payable on the transfer of the investor’s accrued rights under that contract to another personal pension scheme or a stakeholder pension scheme; or

(3) where the contract is for any other matter, the amount payable by the firm on the surrender of the policy.