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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 a61 personal pension scheme or stakeholder pension scheme61, the amount payable on the transfer of the investor's accrued rights under that contract to another61 personal pension scheme or stakeholder pension scheme61;
  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