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surrender value

  1. (a) 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. (b) where the contract is a pension contract , the amount payable on the transfer of the investor's accrued rights under that contract to another pension contract ;
  3. (c) where the contract is a Holloway sickness policy, the amount payable by the firm on surrender on or before the projection date for the policy;
  4. (d) where the contract is for any other matter, the amount payable by the firm on the surrender of the policy.5