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Yes, in most places that's how it will work.
The alternative is booking up that remaining holiday after your intended last day at work and then handing in your notice timed so that your last day being the end of your booked holiday.
i.e. if you had a one month notice period and 2 weeks remaining holiday by the end of Jan and want to leave end of Jan
a) resign end of December with last date being Jan 31, work up until the end of Jan, collect paycheck plus 2 weeks unused holiday payment
b) resign mid January with last day of employment being mid-Feb, use unused holiday to book first two weeks of Feb off, last actual day at work is Jan 31 but you're paid until mid-Feb
The latter may get you an extra day or two holiday payment too, since it may push you into the next month and so you will have accrued an extra month's worth of holiday entitlement.
Not sure how much you can force scenario (b) though, especially if you have a sizeable chunk of holiday remaining (which is the reason most companies won't allow you to accrue too much - I'm constantly hassled for holiday plans as I get almost 8 weeks a year and I'm only on a months notice).
If you're going off to start another job then you're technically still employed until mid-Feb if you do scenario (b) though, so be careful with that.
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Greenbank
With my contract, I'd be paid what I'd accrued up to that point in the year. So if my exit date was 6 months into the financial year and I'd accrued 2 weeks of holiday and taken 1 week off so far, I could be paid 1 week in lieu (arbitrary numbers).