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:
The Pension Protection Fund (Compensation) Regulations 2005 permit the postponement of compensation and any separate lump sum in specified circumstances up to age 75. Pension compensation calculation The amount of pension compensation, payable late, is calculated according to the table in the link below:
The circumstances in which early payment is possible are set out in Regulation 2 of the Pension Protection Fund (Compensation) Regulations 2005. Pension compensation calculation The amount of pension compensation payable early is calculated according to the table in the link below. This applies to all compensation determinations for early retirement with an effective date on or after 1 October 2022.
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.
The circumstances in which commutation is possible are set out in Regulation 19 of the Pension Protection Fund (Compensation) Regulations 2005. How this option may be exercised is set out in Regulation 21 of the same regulations. The amount of lump sum payable, per £100 of compensation given up, is set out in the following table: Commutation factors from 1 March 2023
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