Market Value Adjustment (MVA) is a provision typically linked to deferred annuities if more than the penalty-free amount is taken or the contract is surrendered during the Surrender Charge period. It can increase or decrease the Cash Surrender Value of an annuity. If interest rates are lower at the time of withdrawal than when the contract was written, the Cash Surrender Value of the annuity will be higher (market value adjusted). The Cash Surrender Value will be lowered if interest rates are greater at the time of withdrawal than at the time of issue.
