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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It�s calculated on the likelihood of your scheme being unable to pay out pensions due to insufficient funding, insolvency and the potential size of the claim that would be passed on to us. The amount of risk-based levy (RBL) you pay will be based on your annual s179 valuation information, following adjustment. It takes account of scheme funding, insolvency and investment risks.� If your scheme doesn't have a deficit then you won't have to pay the RBL.
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