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Our responsible investment strategy

We manage environmental, social and governance (ESG) risks to protect and enhance the value of our investments. By acting as a responsible and vigilant asset owner and using our influence as a major institutional investor, we encourage best practice from the top down and bottom-up. We believe it's vital we demonstrate a robust and effective approach to RI, and we see the integration of material ESG issues as an essential part of the investment process.

Current job vacancies

Do work you’re proud of when you find your new job with us.

Commutation factors for previous periods

The circumstances in which commutation is possible are set out in Regulation 19 of the Pension Protection Fund (Compensation) Regulations 2005 and Regulation 21 sets out how this option may be exercised.

Step down factors for previous periods

If you need to access step down factors that were used in the past, simply follow the links to the appropriate tables, detailed below. Effective dates on or after 1 October 2020 and prior to 1 October 2021 For all determinations in respect of a step down pension with an effective date between 1 October 2020 and 30 September 2021, please use the following:

Early retirement factors for previous periods

In all cases, the early retirement factor is applied to the compensation before the compensation cap is applied. Simply follow the links to the tables of early retirement factors detailed below:

Compensation cap factors valid for previous periods

Paragraphs 26 and 27 of Schedule 7 of the Pensions Act 2004 set out the circumstances in which the compensation cap applies and how and when it should be increased. In July 2021 the Court of Appeal ruled the PPF compensation cap was unlawful on the grounds of age discrimination, so we’re no longer applying it and we’re removing it from affected PPF pensioners.  The information below is provided for advisers who still need to refer to previous calculation tables and factors.

Late retirement factors for previous periods

If you need to access late retirement factors that were used in the past, simply follow the links to the appropriate tables, detailed below.

We’ve published our sustainability strategy

Our sustainability strategy, that sets out how we aim to achieve our ambition for catalysing the growth of a sustainable pensions industry, has just been published.

How to check if messages are from us and stay safe from scams

Throughout the year, we send emails and letters to our members. If you’re worried that an email or letter is a scam, call us on 0330 123 2222. We’re happy to check whether it’s from us. We’ve shared some advice on how to spot fake messages and protect yourself from potential scams.