Cash equivalent value
From ACT Wiki
Pensions. (CEV). A lump sum in present day terms of the accrued rights of a member within a pension scheme. It assumes that the member is leaving service and makes a transfer to an alternative pension arrangement.
The basis for the calculation of a CEV may be set out in the Trust deed, but even then may give Trustees discretion with respect to the valuation of discretionary benefits, which are often not taken into account.
Generally the Scheme Actuary, or some other appointed actuary, will have considerable freedom in the actuarial assumptions used in calculating CEVs.
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